22 September 2021
Annual Report to 30 June 2021
Following is the Godolphin Resources Limited (ASX: GRL) (“the Company”) annual report for
the year ended 30 June 2021.
The 2021 Annual Report reports the Company’s results for the year ended 30 June 2021.
The Company expects to hold its annual general meeting on or about Friday 12 November
2021 and, as is required by the ASX Listing Rules, will lodge the notice of meeting as a
market announcement when the Notice is being distributed to the Company’s shareholders.
This market announcement has been authorised for release to the market by Directors of Godolphin
Resources Limited.
For further information regarding Godolphin, please visit godolpinresources.com.au or contact:
ENDS
Jeneta Owens
Managing Director
+61 417 344 658
About Godolphin Resources
Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-
based projects in the Lachlan Fold Belt (“LFB”) NSW, a world-class gold-copper province. Currently the
Company’s tenements cover 3,200km2 of highly prospective ground focussed on the Lachlan
Transverse Zone, one of the key structures which controlled the formation of copper and gold deposits
within the LFB, the Godolphin Fault and the Molong Volcanic Belt.
Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large,
gold-copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts
for unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral
resource of its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the
tenement package
is the key to discovering the exploration potential and represents a
transformational stage for the Company and its shareholders.
1
GODOLPHIN RESOURCES LIMITED
ABN 13 633 779 950
Annual Report
for the year ended 30 June 2021
Corporate Directory
Directors
Jeremy Read– Non-Executive Chair
Jeneta Owens – Managing Director
Ian Buchhorn – Non-Executive Director
Registered Office
Unit 13, 11-19 William Street
Orange NSW 2800
Website
Douglas Menzies – Non-Executive Director
www.godolphinresources.com.au
Company Secretary and Chief Financial
Officer
Securities Exchange
Australian Securities Exchange (ASX)
Ian Morgan
Business Office
Unit 13, 11-19 William Street
Orange NSW 2800
Postal Address
PO Box 9497
Orange East NSW 2800
Telephone
+61 431 477145
Email
ASX Code: GRL
Securities Registry
Automic Pty Ltd
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone
(within Australia): 1 300 288 664
(outside Australia): +61 2 9698 5414
Auditor
Butler Settineri (Audit) Pty Ltd
info@godolphinresources.com.au
Unit 16, First Floor Spectrum,
100 Railway Rd,
Subiaco WA 6008
Godolphin Resources Limited Annual Report 30 June 2021
Page 2
Table of Contents
Corporate Directory ........................................................................................................................................... 2
Table of Contents .............................................................................................................................................. 3
Chair’s Letter ..................................................................................................................................................... 4
Directors’ Report ............................................................................................................................................... 6
Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................... 25
Consolidated Statement of Financial Position................................................................................................. 26
Consolidated Statement of Changes in Equity ................................................................................................ 27
Consolidated Statement of Cash Flows ........................................................................................................... 28
Notes to the Financial Statements .................................................................................................................. 29
Directors’ Declaration ...................................................................................................................................... 60
Auditor’s Independence Declaration............................................................................................................... 61
Independent Auditor’s Report ........................................................................................................................ 62
Additional Shareholder Information ............................................................................................................... 66
Godolphin Resources Limited Annual Report 30 June 2021
Page 3
Chair’s Letter
22 September 2021
Dear Shareholders,
The past year has been a period of significant change for our Company, the industry in which we operate and
society in general. Operating as a mineral exploration company with a need to travel to projects in order to
progress assessment and testing of our exploration targets, COVID 19 has presented a few challenges.
However, our office and operational base in Orange has served us well. We have been able to undertake the
majority of planned exploration without major delays and we have completed drilling programs at our
flagship Lewis Ponds Project plus Copper Hill East, the Turrawonga Prospect and Mt Aubrey. Our focus has
been on maximising our in-ground expenditure, cost effectively testing our targets and progressively moving
our projects to significant milestones in order to maximise the value of our project portfolio.
Godolphin is well positioned in comparison to our peer companies exploring the Lachlan Fold Belt through
central New South Wales. We have a dominant land position and a wealth of experience amongst our
Management and Technical Team, probably unmatched by any of the other junior mineral exploration
companies operating in the region. Led by recently appointed Managing Director, Jeneta Owens, the
members of our technical team have previously been senior managers at the major mines in central New
South Wales, including Northparkes, Cadia and the McPhillamys project. Therefore, our technical team hold
direct operational experience of the end result of the exploration process, and they are now applying their
experience in progressing the exploration of Godolphin’s project portfolio. Over the next 12 months, as that
depth of experience is utilised, we anticipate an acceleration of our exploration programs and an increase in
our news flow to the market.
In order to respond to changing operational and market conditions, your Board has recently conducted a
strategic review of our project portfolio and, as a result, will commence a new strategy of prospect generation
followed by rapid drill assessment. Our objective is to generate prospect scale targets across our extensive
tenement package, refine those targets with soil geochemical surveys, and subsequently cost effectively test
as many targets as possible with reverse circulation drilling. We anticipate ramping up this process to
maximise the number of targets we can generate and test, with the ultimate goal of discovering new world
class gold and copper deposits. Godolphin has already been successful with the discovery of a new porphyry
system at the Turrawonga Prospect, and we aim to further build on this success by delivering more
discoveries.
The Lewis Ponds Project will continue as a significant focus of the Company, given the potential of the gold
and silver mineralisation to add value to a project which has traditionally been viewed as a base metal project.
Drilling has been undertaken recently to further define the new Quarry Lode which has the potential to
further expand the resource base at Lewis Ponds.
I would like to take this opportunity to thank the founding CEO of Godolphin, David Greenwood, for his work
in establishing the Company, setting up the office in Orange and defining the initial exploration programs.
David set up a strong base upon which Jeneta and her team will expand and intensify our exploration and
project assessment efforts. Furthermore, I wish to express my thanks to the new Godolphin Technical Team.
On behalf of the Board and our Shareholders we look forward to the results of the exploration programs that
will be executed over the next year, particularly the prospect generation program and the potential of further
discoveries.
Thanks also to my fellow directors for your dedication and sound council over the past year. To our loyal
Shareholders, thank you for your continued support and your ongoing confidence in our Management Team
and Board. To those Shareholders who have taken the time to reach out directly and provide feedback on
Godolphin Resources Limited Annual Report 30 June 2021
Page 4
the progress of our Company, I thank you for your insights and passion. Our goal is to create and deliver
value for you.
I would like to end this annual letter on a more personal note. Many of our Shareholders probably do not
appreciate the fact that 75% of our Technical Team is now female geoscientists. I have worked in mineral
exploration for over 30 years and during that time I have seen very slow change come to the traditionally
male dominated nature and culture of mineral exploration. The fact that the Godolphin Management and
Technical Team is now led by smart, experienced and passionate female explorationists is something that
should be recognised and celebrated. With success, our Team will be role models and hopefully will
encourage high school age female students, firstly to become passionate about science and then to follow a
career in geology and mineral exploration. That would change the industry for the better.
Kind regards
Jeremy Read
Chair
Godolphin Resources Limited Annual Report 30 June 2021
Page 5
Directors’ Report
The Directors present their report, together with the financial statements of the consolidated entity
(referred to hereafter as the ‘consolidated entity’ or the ‘Group’), consisting of Godolphin Resources
Limited (referred to hereafter as the ‘Company’, ‘parent entity’ or ‘Godolphin’) and the entities it controlled
at the end of, or during, the year ended 30 June 2021.
Directors
The Directors of the Company at any time during or since the end of the financial year are:
Jeremy Read (Non-Executive Chair)
B.Sc (Hons), MAUSIMM
Appointed 1 May 2020
Jeremy Read is a seasoned mining executive who has worked on a range of precious and base metals
projects in Australia, Africa, North America, India and Scandinavia.
He played critical roles in the discovery of the Kabanga North nickel deposit in Tanzania, the Cairn Hill
magnetite-copper deposit in South Australia and the Boseto Copper deposit in Botswana. He is skilled in
developing new technical teams, the management of technical and specialist service groups, project
generation activities, risk management and multi-commodity mineral exploration.
Since 2003 Jeremy has concentrated on developing junior mineral resource companies, creating and
capturing value for shareholders.
He has been a director of other ASX-listed resource companies: Discovery Metals Limited to 31 August 2015
(ASX: DML), Meridian Minerals to 12 December 2011 (ASX: MII), Avalon Minerals to 12 December 2013
(ASX: AVI), MinQuest Limited to 30 September 2016 (ASX: MNQ), Metalsearch Limited to 6 April 2020 (ASX:
MSE) and Pursuit Minerals Limited to 24 June 2021 (ASX: PUR).
Jeremy is a Member of The Australasian Institute of Mining and Metallurgy (“AusIMM’”).
Jeneta Owens (Managing Director)
B.Sc. (Hons), Dip of Mgt (Distinction), MAIG, MAusIMM, MGSA
Appointed 7 June 2021
Jeneta Owens is a qualified geologist with more than 15 years of experience in the geoscience field, focused
on exploration and project evaluation. For the last decade, her particular focus has been on porphyry
copper-gold and epithermal gold exploration in NSW, leading exploration activities at Northparkes’ Cu-Au
mine and Sandfire Resources’ NSW projects. Prior to joining Godolphin, Ms Owens launched her own
geological consultancy, conducting strategic planning, exploration management along with project
evaluation for junior explorers.
Jeneta is a Member of the Australian Institute of Geoscientists (“AIG”) and a Member of The Australasian
Institute of Mining and Metallurgy (“AusIMM’”).
Godolphin Resources Limited Annual Report 30 June 2021
Page 6
Directors’ Report (continued)
Ian Buchhorn (Non-Executive Director)
BSc (Hons), Dip Geosci (Min Econ), MAusIMM
Appointed 19 June 2019
Ian Buchhorn is a Mineral Economist (Macquarie University) and Geologist with over 40 years of
experience. He was the founding Managing Director of Heron Resources Limited for a period of 11 years
until 2007 and returned to that role in 2012 after a period as Executive Director. Mr Buchhorn first
managed exploration programs in the Lachlan Fold Belt in 1981, corresponding to the recognition of
Northparkes and Temora as significant porphyry/epithermal mineral provinces. Mr Buchhorn previously
worked with a number of international mining companies and has worked on gold, nickel, bauxite and
industrial mineral mining and exploration, gold and base metal project generation and corporate
evaluations. For the last 35 years Mr Buchhorn has acquired and developed mining projects throughout the
Eastern Goldfields of Western Australian and has operated as a Registered Mine Manager. Ian is a Member
of The Australasian Institute of Mining and Metallurgy (“AusIMM’”).
During the last three years, Mr Buchhorn has been a Director of Ardea Resources Limited to date (ASX: ARL)
and RBR Group Limited to 19 April 2018 (ASX: RBR).
Douglas Menzies (Non-Executive Director)
BSc (Hons), Dip Bus Admin, Grad Cert IT, MAIG, MSEG
Appointed 1 May 2020
Doug Menzies has over 28 years of experience in the mineral exploration and GIS industries including staff
positions (Rio Tinto, MapInfo, Wafi‐Golpu JV a Newcrest Mining project) and as a consultant (Menzies
Geological Services, Corbett Menzies Cunliffe Pty Ltd and GeoInsite). Mr Menzies has diverse experience in
the porphyry gold‐copper districts of Wafi‐Golpu, PNG and Eastern Australia, epithermal gold‐silver
projects in Australia, Indonesia, Fiji, Laos, Chile, Argentina and Mexico, sediment hosted lead-zinc in
Australia and IOCG copper‐gold projects in Chile. Mr Menzies’s field‐based geological assessment of
porphyry gold‐copper, epithermal gold and IOCG projects has aided in the progression of mineral projects
in a variety of locations.
Mr Menzies is a Member of the Australian Institute of Geoscientists (“AIG”).
Company Secretary and Chief Financial Officer
Ian Morgan
B Bus, M Com Law, Grad Dip App Fin, CA, AGIA, MAICD, F Fin
Appointed 21 January 2020
Ian Morgan is a member of Chartered Accountants Australia and New Zealand and the Governance
Institute of Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a
range of companies, including holding the position of Company Secretary for other listed public companies.
Nature of Operations and Principal Activities
Godolphin is an Australian exploration company which listed on the ASX on 18 December 2019, has 100%-
controlled Australian-based projects in the Lachlan Fold Belt (LFB) region of NSW, a world-class gold-copper
province. Godolphin has drill ready targets at all its100%-owned projects.
There were no significant changes in the nature of the activities of the Group during the financial year.
Godolphin Resources Limited Annual Report 30 June 2021
Page 7
Directors’ Report (continued)
Dividends
There were no dividends paid or declared by the Company to members during or since the end of the
financial year.
Review of Operations and Outlook
Key projects located within the Company’s tenement holdings across the Lachlan Fold Belt were progressed
by Godolphin during the financial year.
Godolphin’s corporate strategy is to fully explore and generate its own prospects for continued
development to create value from its entire large tenement holding within the highly prospective Lachlan
Fold Belt, a leading province for bulk tonnage, low operating cost gold and copper-gold mines.
During the period ended 30 June 2021, Godolphin undertook the following key activities across its portfolio
of 100%-owned assets in NSW.
At the Lewis Ponds Project (EL5583) a detailed soil survey was completed in July 2020 which defined
significant precious and base metal soil anomalies over a strike length of 1,300 metres. From November
2020 through to April 2021, a diamond drilling program totalling 1,882 metres and an RC drilling program
totalling 769 metres was completed. The diamond drilling was designed for resource definition and the RC
program, to test the gold and base metal soil anaomolies identified. Excellent gold and silver assays were
returned on the newly discovered Quarry Lode mineralised zone. The best results included 8 metres at
2.7g/t gold and 118g/t silver in GLPRC001 and 8 metres at 2.85g/t gold and 30g/t silver in GLPRC002.
A review of historical data, focussing on high-grade gold and silver lenses, included remodelling of the
existing Mineral Resource. The re-modelled resource wireframes were used to calculate a new Mineral
Resource Estimate of 6.2Mt at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead and 0.2% copper using a 3.5g/t
gold equivalent cut-off, which was verified and signed off by an independent consultant. It was recognised,
from this review, that some of the historical drilling had gaps in the assay data through the mineralised
zones. Godolphin commenced a program of collecting, re-traying, re-logging, and sampling of historic core
from the Lewis Ponds deposit. The process revealed several unsampled intervals containing visible sulphide
mineralisation which was subsequently logged, cut, sampled and sent for assaying.
New Mineral Resource Estimate – Lewis Ponds Prospect
Grade
Contained Metal
Class
Tonnage
(Mt)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Pb
(%)
Inferred
Total
6.2
6.2
2.0
2.0
80
80
2.7 1.6
Cu
(%)
0.2
AuEq
(g/t)
Au
(koz)
Ag
(moz)
Zn
(kt)
6.0 398
15.9 170
Pb
(kt)
99
99
Cu
(kt)
11
11
2.7 1.6
0.2 6.0
398
15.9 170
Source: ASX announcement 2nd February 2021
Note: The Lewis Ponds met test-work produces high grade concentrates, MRE utilises a 3.5g/t gold equivalent cut-off within mineable shape
volumes that may include internal dilution. Tonnage estimates have been rounded to the nearest 0.1Mt and contained metal to the nearest 1,000
tonnes. Estimates may not sum due to rounding.
At the Copper Hill East Project (EL8556), an RC drill program was completed with two drill holes (CHERC011
& CHERC012 with diamond tail) targeting magnetic anomalies with corresponding elevated gold and copper
soil geochemistry results at the Turrawonga Prospect. A further nine holes (CHERC001 to CHER009)
targeted a strong copper soil anomaly at the Lyons Prospect. This prospect has native copper visible in float
rocks at surface. A total of 1,694.8 metres were drilled over the two prospects. CHERC012 intersected
Godolphin Resources Limited Annual Report 30 June 2021
Page 8
Directors’ Report (continued)
zones of chalcopyrite interpreted to be associated with monzonite intrusions. The best intersection was 32
metres at 0.29g/t gold and 0.13% copper, including 12m at 0.45g/t gold and 0.22% copper.
Two deeper RC holes, CHERC010 (456m) and CHERC013 (with diamond tail to 594.5m), were drilled at the
Turrawonga Prospect in November 2020. These two holes intersected intrusive rocks with patchy
disseminated chalcopyrite and bornite. Significant assay results received from CHERC013 were 30 metres at
0.64g/t gold and 0.04% copper, including 18 metres at 1.0 g/t gold and 0.04% copper.
Several characteristic features were identified, by a consultant, in the analysis of satellite-based,
hyperspectral data (VNIR, SWIR & LWIR from the Japanese ASTER satellite) which helped validate the
alteration zonation data gathered from the drill holes. This work also identified encouraging features on
the surface that may vector towards a potassic alteration zone. An albite signature was interpreted in the
vicinity, confirming the alteration signature found in the drill core and the overall propylitic signature of the
area.
A deep penetrating IP (MIMDAS) survey was completed in Q1 2021. The survey results displayed by the 3D
inversion of the data identified that the local farm fences had produced interference to the chargeability
model. The resistivity model appears unaffected and has identified several very shallow ‘low’ resistive areas
and a lineament that may be a lithological contact or a structure.
At the Mt Aubrey Project (EL8532) a drilling program commenced in August 2020 totalling 1,021 metres.
Seven RC drill holes targeted the eastern extension of the mineralisation and tested the prospective
basalt/sediment contact, as identified in MAGRC0011 at depth. In addition, three RC drill holes tested
geophysical targets identified from a reinterpreted historical IP survey and a recent groundmagnetic survey.
T-MAR032 returned 7m at 1.52g/t gold and 3m at 7.41g/t gold. MAGRC016, which intersected three
separate mineralised quartz veins, returned 8m at 0.60g/t gold, 2m at 1.22g/t gold and 2m at 1.01g/t gold.
The drilling confirmed that gold bearing quartz veins extend for more than 350m east of the historical pits
on the main mineralised system at Mt Aubrey.
The Gundagai North Project (EL8586) key gold bearing prospects include Emu, Johnston’s Hill and Manton’s.
Following earlier soil sampling programs, which located strong gold in soil anomalies with corresponding high
gold in rock chip samples, and geological mapping in 2020, an RC drill program consisting of 9 holes has been
designed. Drilling will commence later in 2021, subject to any COVID-19 restrictions.
The Gundagai South Project (EL8061) soil and rock chip sampling programs from 2019 located elevated gold
soil geochemical anomalies with corresponding high gold in rock chip samples. Geological mapping was then
completed in 2020 to determine the orientation of structures which host the gold mineralisation. From this
mapping, an RC drilling program, consisting of 2 holes, has been planned to test the Surprise North prospect.
Drilling will commence later in 2021.
Godolphin Resources Limited Annual Report 30 June 2021
Page 9
Directors’ Report (continued)
Corporate
Financial
The Group incurred an operating loss after tax for the year ended 30 June 2021 of $1,412,786. The Group
retained a cash balance of $4,729,025 at 30 June 2021.
Capital Raisings
During the year to 30 June 2021, capital was raised by way of:
1. A cash placement totalling $3,500,000 with the issue 14,583,340 ordinary fully paid shares for $0.24
each share; and
2. Loyalty option holders exercising 1,570,031 loyalty options for their exercise price of $0.20 each share,
raising $314,006.
Further details of capital raisings are set out in Note A5.
Events Subsequent to the Reporting Date
The Directors are not aware of any matter or circumstance that has arisen since the end of the financial
year that has significantly affected or may significantly affect the Group’s operations, the results of these
operations or the Group’s state of affairs in future financial years.
Environmental Regulation
The Board believes that the Group has adequate systems in place for the management of its environmental
requirements.
Based on results of enquiries made, the Directors are not aware of any significant breaches during the year
covered by this report.
Directors’ Meetings
The numbers of Directors' meetings (including meetings of committees of Directors) where Directors were
eligible to attend and attended in person or by alternate during the financial year by each of the Directors
of the Company were:
Jeremy Read
Jeneta Owens (Appointed 7 June
2021)
Ian Buchhorn
Douglas Menzies
Board Meetings
Eligible
17
Attended
17
Audit and Risk Committee
Meetings
Eligible
2
Attended
2
-
17
17
-
17
17
-
2
2
-
2
2
The Company has a Remuneration and Nomination Committee, which did not meet during the financial
year ended 30 June 2021. Remuneration and nomination matters were considered and agreed during the
financial year by the full Board.
Godolphin Resources Limited Annual Report 30 June 2021
Page 10
Directors’ Report (continued)
Movements in Securities Held by Directors
The movement during the financial year in the number of securities of Godolphin Resources Limited held,
directly, indirectly or beneficially, by each specified Director, including their personally related entities, is as
follows:
Key Management
Person
Securities
30 June 2021
Number at 1 July or
date of
appointment, as
applicable
Number purchased
on market
Balance of securities
at 30 June 2021
Shares
Incentive Options
Loyalty Options
Shares
Shares
Incentive Options
Loyalty Options
Jeremy
Read
Jeneta Owens
(appointed 7
June 2021)
Ian Buchhorn
Douglas
Menzies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,699,849
250,000
2,316,622
-
-
-
-
19,529
6,699,849
250,000
2,316,622
19,529
-
-
Key Management
Person
Securities
Jeremy
Read
(appointed
1 May
2020)
Ian
Buchhorn
Douglas
Menzies
(appointed 1
May 2020)
Mark Sykes
(resigned
30 April
2020)
Andrew
Stewart
(resigned 30
April 2020)
30 June 2020
Number at 19 June
2019 or date of
appointment, as
applicable
Number issued
under Initial Public
Offer Prospectus
dated 29 October
2019
Number issued
under Loyalty
Options Prospectus
dated 1 June 2020
Balance of securities
at 30 June 2020 or
date of ceasing, as
applicable
Shares
Incentive
Options
Loyalty
Options
Shares
Incentive
Options
Loyalty
Options
Shares
Incentive
Options
Loyalty
Options
Shares
Incentive
Options
Loyalty
Options
-
-
-
-
-
-
- 6,699,849
-
-
-
-
250,000
-
-
-
- 2,316,622
- 6,699,849
-
250,000
- 2,316,622
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
150,000
50,000
500,000
250,000
-
-
-
-
-
-
-
-
150,000
50,000
500,000
250,000
-
-
The terms and conditions of the options granted are outlined in Note A5 to the accounts.
Godolphin Resources Limited Annual Report 30 June 2021
Page 11
Directors’ Report (continued)
Remuneration Report (Audited)
This report outlines the remuneration arrangements in place for key management personnel of the Group.
Remuneration is referred to as compensation throughout this report.
Remuneration Policy
Directors and key management personnel have authority and responsibility for planning, directing and
controlling the activities of the Company and the Group.
Compensation levels for key management personnel of the Group will be competitively set to attract and
retain appropriately qualified and experienced Directors, executives and future executives. Current
remuneration levels are driven largely by the requirement to conserve cash within the Company. There
were no remuneration consultants used to set the remuneration of key management personnel.
The compensation structures explained below are designed to attract suitably qualified candidates, reward
the achievement of strategic objectives, and achieve the broader outcome of creation of value for
shareholders. The compensation structures take into account:
•
•
•
the capability and experience of the key management personnel
the key management personnel’s ability to control the Group’s performance
the Group’s performance including:
-
-
-
the Group’s earnings;
the growth in share price and delivering constant returns on shareholder wealth; and
the amount of incentives within each key management person’s compensation.
Compensation packages will include a mix of fixed and variable compensation, and short-term and long-
term performance-based incentives.
In addition to their salaries, the Group also provides non-cash benefits to its key management personnel, and
where applicable, contributes to the individual’s elected post-employment superannuation plan on their
behalf.
Contract Terms and Conditions
The determination of Directors' remuneration is made by the Board having regard to the current position of
the Company, in that it is as yet not in production and continues to preserve cash as much as possible.
The Board may award additional remuneration to Directors called upon to perform extra services or make
special exertions on behalf of the Company.
The Board reviews remuneration to reflect current industry norms, and determines remuneration policies
and practices generally, reviews and makes specific decisions on the remuneration packages and other
terms of employment of its directors and senior executives.
No Director remuneration package includes terms for redundancy, retirement or termination benefits. No
such amounts were accrued or paid for any Director during the current financial year.
Terms of Employment
During the year ended 30 June 2021, there were no equity securities granted as remuneration. During the
period ended 30 June 2020, a total of 1,000,000 Incentive Options with an expense totalling $70,551 were
granted to the Company’s directors.
On 15 June 2020, one Loyalty Option was granted for every three Incentive Options held at the record date
(5 June 2020). A total of 333,335 Loyalty Options were granted to a Director and two former Directors.
Details relating to the Incentive Options and Loyalty Options are below.
Godolphin Resources Limited Annual Report 30 June 2021
Page 12
Directors’ Report (continued)
No terms of equity settled share-based payment transactions (including Incentive Options granted as
compensation to key management persons) have been altered or modified by the issuing entity to the date
of this report.
Other than as disclosed in this report, there are no entitlements for the Company’s Option holders to
participate in new issues of capital which may be offered to the Company’s existing ordinary shareholders.
The Group prohibits those that are granted share-based payments as part of their remuneration from
entering other arrangements that limit their exposure to losses that would result from share price
decreases. Entering such arrangement is prohibited by law.
The relevant beneficial interest of each Director in the securities issued by the companies within the Group
and other related bodies corporate, and notified by the Directors to the ASX in accordance with section
250G(1) of the Corporations Act 2001 (Cth) at the date of this report are:
Director
Current holdings (Direct and Indirect) at the date of this report
Entitlement at the
date of this report
Quoted Shares
Unquoted Options
Incentive Options
Loyalty Options
Loyalty Options
Number
Number
Number
Number
Jeremy Read
Jeneta Owens
Ian Buchhorn
Douglas
Menzies
Unquoted Options
-
-
6,759,849
19,529
-
-
250,000
-
Director
Security
Grant Date
Fair value
per option
Exercise
price per
option
-
-
2,316,622
-
Expiry date
-
-
-
-
Number of
options granted
and vested at the
date of this
report
Jeremy Read
Jeneta Owens
Ian Buchhorn
Douglas
Menzies
-
-
Incentive
Options
Loyalty
Options
-
-
$
-
-
$
-
-
-
-
-
-
5 Dec 20191
$0.07055
$0.25
5 Dec 2022
250,000
15 Jun 2020
$0.00
$0.20
15 Jun 2022
2,316,622
-
-
-
-
-
-
Each Option provides the right for the option holder to be issued one fully paid Share upon payment of
each Exercise Price for each Share.
1 ASX escrow ends 18 December 2021.
Godolphin Resources Limited Annual Report 30 June 2021
Page 13
Directors’ Report (continued)
Jeremy Read (appointed 1 May 2020)
Effective 1 May 2020, the Company agreed to utilise the services of Mr Read as the Company’s non-
executive chair, for a fee of $60,000 per annum excluding compulsory superannuation and any goods and
services tax.
Jeneta Owens (appointed 7 June 2021)
Effective 7 June 2021, the Company agreed to employee Ms Owens as the Company’s Managing Director. A
summary of the terms of Ms Owens employment is as follows:
Commencement
Date
Term
Salary
Short-Term
Incentives (STI)
Long- Term
Incentives (LTI)
Annual leave
Conflict of Interest
Restraint Period
7 June 2021
No fixed term. Either party may terminate the agreement at any time with
written notice of 3 months.
A base salary of A$315,000 per annum, excluding statutory superannuation.
The Managing Director is eligible, for an annual Short-Term Incentive (STI)
payment of up to $25,000 gross. The STI will be based on the Executive
meeting criteria set by the Board.
Subject to the ASX Listing Rules including members’ approval, and any
determination of the Board, the Managing Director (or her nominee), will be
entitled to receive 2,000,000 options (Options), each providing the holder
with the right to be issued one ordinary fully paid share by the Company
(Share) upon payment of the Option’s cash exercise price.
1,000,000 Tranche 1 Options exercisable at $0.25 per Option for a maximum
period of 24 months from the date of issue. Each Tranche 1 Option vests
upon the Company’s volume weighted average share price (VWAP) for 30
days prior to the vesting date exceeding $0.30 per Share.
1,000,000 Tranche 2 Options exercisable at $0.35 per Option for a maximum
period of 36 months from the date of issue. Each Tranche 2 Option vests
upon the Company’s volume weighted average share price (VWAP) for 30
days prior to the vesting date exceeding $0.30 per Share.
Additional long-term incentives may be introduced, such as Performance
Rights, at the discretion of the Board and subject to the ASX Listing Rules
including members’ approval.
Annual leave accrues at the rate of four weeks (20 business days) per annum.
The Managing Director must not at any time during the Employment without the
written consent of the Board, subject to further conditions.
Without prior written consent of the Company, the Managing Director will not
either directly or indirectly compete with the Company for up to 12 months
after the termination date, subject to further conditions.
Douglas Menzies (appointed 1 May 2020)
Effective 1 May 2020, the Company agreed to utilise the services of Mr Menzies as the Company’s non-
executive director, for a fee of $45,000 per annum excluding compulsory superannuation and any goods
and services tax. Mr Menzies related entity also provides consulting services to the Company. For the year
ended 30 June 2021, consulting fees charged by the Mr Menzies related entity totalled $13,700 excluding
GST (2020 $Nil).
Godolphin Resources Limited Annual Report 30 June 2021
Page 14
Directors’ Report (continued)
Ian Buchhorn (appointed 19 June 2019)
Effective 18 December 2019, the Company agreed to utilise the services of Mr Buchhorn as the Company’s
non-executive director, for a fee of $45,000 per annum excluding compulsory superannuation and any
goods and services tax.
Options Issued to Directors or Executives
Options were previously granted to Directors, or their nominees, in lieu of market related cash
remuneration. Details relating to these options are on page 13. The options were granted at no cost to the
recipient.
There are no entitlements for the Company’s option holders to participate in new issues of capital, which
may be offered to the Company’s existing ordinary shareholders.
No options were exercised by Directors during the financial year (2020: Nil).
The Group prohibits those that are granted unvested or restricted share-based payments, as part of their
remuneration, from entering into other arrangements that limit their exposure to losses that would result
from share price decreases. Entering into such arrangement has been prohibited by law since 1 July 2011.
Details of vesting profiles of the options granted as remuneration to each key management person of the
Group and each of the named key management persons are detailed below:
Director
Grant Date
Expiry
date
Number
Vested at the end of
the reporting period
or at the resignation
date (as applicable)
2021
%
2020
%
Lapsed during the
reporting period or
to the resignation
date (as
applicable)2
2021
%
2020
%
Jeremy Read
Jeneta Owens
(appointed 7 June
2021)
Ian Buchhorn
Douglas Menzies
Mark Sykes
(resigned 30 April
2020)
Andrew Stewart
(resigned 30 April
2020)
-
-
-
5 Dec
20193
-
5 Dec
20193
5 Dec
20193
-
5 Dec
2022
-
5 Dec
2022
5 Dec
2022
-
-
-
-
-
-
250,000
-
100
-
100
-
-
-
-
-
500,000
Not
applicable
Not
applicable
100
250,000
Not
applicable
Not
applicable
100
-
-
-
-
-
-
2 The % lapsed in the period represents the reduction from the maximum number of options available to vest due to
the options not being exercised and lapsing.
3 ASX escrow ends 18 December 2021.
Godolphin Resources Limited Annual Report 30 June 2021
Page 15
Directors’ Report (continued)
Key Financial Statistics
Loss for the financial year attributable to owners of the Company
Working capital at 30 June
Net assets at 30 June
Number of Shares on issue at 30 June
Share price at 30 June (cents per Share)
Market capitalisation at 30 June
Loss on capital employed for the financial year
Options benefits of key management persons
Other compensation of key management persons
Total compensation of key management persons (Group and
Company) for the financial year
2021
$1,412,786
$4,592,651
$15,601,823
84,110,522
15.0
$12,616,578
11.20%
2020
$801,362
$4,731,079
$13,325,967
67,957,151
19.0
$12,911,859
6.21%
$44,082
$730,710
$92,079
$382,368
$774,792
$474,447
During the financial year ended 30 June 2021, the Company focused on exploring and developing its large
tenement holdings within the LFB. Further details are included in the Review of Operations and Outlook on
page 8.
Godolphin Resources Limited Annual Report 30 June 2021
Page 16
Directors’ Report (continued)
Directors’ Remuneration for the period ended 30 June 2021
Details of the nature and amount of each major element of remuneration of each Director of the Company and other key management personnel of the Group and Company are:
Short-term
Salary &
fees
$
60,000
10,000
21,477
-
45,000
24,226
48,206
7,500
-
22,258
-
16,726
265,017
183,333
-
Consulting
fees
$
-
-
-
-
-
-
13,700
-
-
49,500
-
-
5,850
-
139,920
-
43,740
439,700
159,470
264,043
93,240
Cash
bonus
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Post-
employment
Superannuation
benefits
$
5,700
950
2,040
-
4,275
2,301
4,580
713
-
2,119
-
1,589
Total
$
60,000
10,000
21,477
-
45,000
24,226
61,906
7,500
-
71,758
-
16,726
Non-monetary
benefits
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
270,867
183,333
139,920
43,740
599,170
357,283
23,278
17,413
-
-
39,873
25,085
Directors
Jeremy Read (appointed
1 May 2020)
Jeneta Owens (MD)
(appointed 7 June 2021)
Ian Buchhorn
Douglas Menzies
(appointed 1 May 2020)
Mark Sykes (resigned 30
April 2020)
Andrew Stewart
(resigned 30 April 2020)
Management
David Greenwood (CEO)
(resigned 23 May 2021)
Ian Morgan (Company
Secretary and CFO)
Total compensation
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Other
long
term
Termination
benefits
Share-based
payments
Total
$
-
-
-
-
-
-
-
-
-
-
-
Options4
$
-
-
-
-
-
17,638
-
-
-
$
65,700
10,950
23,517
-
49,275
44,165
66,486
8,213
-
35,275 109,152
-
35,953
-
17,638
91,667
-
-
-
91,667
35,299 421,111
17,614 218,360
8,783 148,703
3,914
44,082
47,654
774,792
Proportion of
remuneration
performance
related
Value of
options as
proportion of
remuneration
-
-
-
-
-
40%
-
-
-
32%
-
49%
8%
8%
6%
8%
6%
-
-
-
-
-
40%
-
-
-
32%
-
49%
8%
8%
6%
8%
6%
-
92,079 474,447
19%
19%
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4 The fair value of the options is calculated at the date of grant using the Black Scholes option pricing model and allocated to each reporting period evenly over the period from grant date to vesting
date. The value disclosed is the portion of the fair value of the options recognised as an expense in each reporting period.
Godolphin Resources Limited Annual Report 30 June 2021
Page 17
Directors’ Report (continued)
Details of options over ordinary shares in the Company that were granted as compensation, for no cash consideration, to each key management person during the reporting
period and details that vested during the reporting period are as follows:
Unquoted Options
Key Management Person
Year ended 30 June 2021
Jeremy Read
Jeneta Owens (Managing
Director) (appointed 7 June
2021)
Ian Buchhorn
Douglas Menzies
David Greenwood (Chief
Executive Officer) (resigned 23
May 2021)
Ian Morgan (Company Secretary
and CFO)
Balance of options Balance of
shares at 1 July or date of
appointment, as applicable
Number
Incentive Options issued
under IPO Offer
Number
Employee
Options issued
under IPO Offer
Number
Loyalty Options issued
under Loyalty Options
Offer
Number
Balance of options at
30 June or date of
ceasing, as applicable
Number
-
-
333,334
-
333,334
1,000,000
333,334
1,666,668
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
333,334
-
333,334
1,000,000
333,334
1,666,668
Godolphin Resources Limited Annual Report 30 June 2021
Page 18
Directors’ Report (continued)
Key Management Person
Period ended 30 June 2020
Jeremy Read (appointed 1 May
2020)
Ian Buchhorn
Douglas Menzies (appointed 1
May 2020)
Mark Sykes (resigned 30 April
2020)
Andrew Stewart (resigned 30
April 2020)
David Greenwood (Chief
Executive Officer) (appointed 1
November 2019)
Ian Morgan (Company Secretary
and CFO) (appointed 21 January
2020)
Balance of options Balance of
shares at 19 June 2019 or date
of appointment, as applicable
Number
Incentive Options issued
under IPO Offer
Number
Employee
Options issued
under IPO Offer
Number
Loyalty Options issued
under Loyalty Options
Offer
Number
Balance of options at
30 June or date of
ceasing, as applicable
Number
-
-
-
-
-
-
-
-
-
-
250,000
-
500,000
250,000
1,000,000
-
-
-
-
-
-
-
83,334
-
166,667
83,334
333,335
-
333,334
-
666,667
333,334
1,333,335
-
750,000
250,000
1,000,000
-
1,000,000
250,000
1,000,000
83,334
666,669
333,334
2,666,669
Godolphin Resources Limited Annual Report 30 June 2021
Page 19
Directors’ Report (continued)
Incentive Options
Number of options
granted during the
reporting period
-
Key
Management
Person
Year ended 30
June 2021
Period ended
30 June 2020
Ian Buchhorn
Mark Sykes
Andrew Stewart
Employee Options
Grant Date
Vesting
Date5
ASX Escrow
Expiry Date
Option Expiry
Date
Fair value per
option at the
grant date
Exercise price
per option
Number of options vested
during the reporting period
250,000
5 Dec 2019
18 Dec 2019
18 Dec 2021
5 Dec 2022
500,000
250,000
1,000,000
5 Dec 2019
5 Dec 2019
18 Dec 2019
18 Dec 2019
18 Dec 2021
18 Dec 2021
5 Dec 2022
5 Dec 2022
$0.07055
$0.07055
$0.07055
$0.25
$0.25
$0.25
-
250,000
500,000
250,000
1,000,000
Key Management Person
Number of options granted
during the reporting period
Grant Date
Vesting
Date6
Option Expiry
Date
Fair value per
option at the
grant date
Exercise price
per option
Number of options vested
during the reporting period
Year ended 30 June 2021
Period ended 30 June 2020
David Greenwood
Ian Morgan
-
750,000
250,000
5 Dec 2019 1 Nov 2021
5 Dec 2019 21 Jan 2022
5 Dec 2022
5 Dec 2022
$0.07055
$0.07055
$0.25
$0.25
1,000,000
-
-
-
-
5 Vesting condition of the Company successfully listing on the Australian Securities Exchange within 12 months of the date of issue of the incentive option.
6 Vesting condition of 24 months of continuous employment by the option holder (or controller of the option holder).
Godolphin Resources Limited Annual Report 30 June 2021
Page 20
Directors’ Report (continued)
Loyalty Options
Key Management Person Number of options granted
during the reporting period
Grant Date and
Vesting Date
Option
Expiry Date
Fair value per option
at the grant date
Exercise price
per option
Number of options vested
during the reporting period
Year ended 30 June 2021
Period ended 30 June
2020
Ian Buchhorn
Mark Sykes
Andrew Stewart
David Greenwood
Ian Morgan
-
83,334
166,667
83,334
333,335
250,000
83,334
666,669
End of Remuneration Report (Audited)
15 Jun 2020
15 Jun 2020
15 Jun 2020
15 Jun 2022
15 Jun 2022
15 Jun 2022
15 Jun 2020
15 Jun 2020
15 Jun 2022
15 Jun 2022
$0.00
$0.00
$0.00
$0.00
$0.00
$0.20
$0.20
$0.20
$0.20
$0.20
-
83,334
166,667
83,334
333,335
250,000
83,334
666,669
Godolphin Resources Limited Annual Report 30 June 2021
Page 21
Directors’ Report (continued)
Shares Under Option
Each option provides the right for the option holder to be issued one ordinary fully paid share by the Company, upon payment of the exercise price of each option. The options do
not entitle the holder to participate in any share issue of the Company or any other body corporate.
During the financial year there were 1,570,031 shares issued on the exercise of options (2020: Nil). 3,000,000 unquoted options were granted during the year ended 30 June 2021
(2020: 49,278,461).
Details of options over ordinary shares in the Company that were granted, exercised, vested and expired during the financial year are as follows:
Year ended 30 June 2021
Exercise Price
Vesting Date
ASX Escrow
Expiry
Expiry Date
Balance at 1 July 2020
Granted during
the year
Exercised during
the year
Unquoted
$0.25
$0.25
$0.20
$0.40
5 Dec 2019
18 Dec 2019
1 Nov 2021
16 Dec 2021
21 Jan 2022
18 Dec 2021
Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2020 Not escrowed 15 Jun 2022
24 Dec 2020 Not escrowed 24 Dec 2022
Vested
Number
17,000,000
1,000,000
-
-
-
18,000,000
29,278,461
-
47,278,461
Unvested
Number
-
-
750,000
1,000,000
250,000
2,000,000
-
-
2,000,000
Number
Number
Balance at 30 June 2021
Vested
Number
Unvested
Number
-
-
-
-
-
-
-
3,000,000
3,000,000
-
-
-
-
-
-
(1,570,031)
-
(1,570,031)
17,000,000
1,000,000
-
-
-
18,000,000
27,708,430
3,000,000
48,708,430
750,000
1,000,000
250,000
2,000,000
-
-
2,000,000
Godolphin Resources Limited Annual Report 30 June 2021
Page 22
Directors’ Report (continued)
Period ended 30 June 2020
Exercise Price
Vesting Date
ASX Escrow
Expiry
Expiry Date
Balance at 19 June 2019
Granted during
the period
Exercised during
the period
Vested
Number
Unvested
Number
Number
Number
Unquoted
$0.25
$0.25
5 Dec 2019
18 Dec 2019
1 Nov 2021
16 Dec 2021
21 Jan 2022
$0.20
15 Jun 2020
18 Dec 2021
Not
escrowed
Not
escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2022
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17,000,000
1,000,000
750,000
1,000,000
250,000
20,000,000
29,278,461
49,278,461
-
-
-
-
-
-
-
-
Balance at 30 June 2020
Vested
Number
Unvested
Number
17,000,000
1,000,000
-
-
-
18,000,000
29,278,461
750,000
1,000,000
250,000
2,000,000
-
47,278,461
2,000,000
Godolphin Resources Limited Annual Report 30 June 2021
Page 23
Directors’ Report (continued)
Indemnification and Insurance of Officers and Auditor
Indemnification and Insurance
The Company indemnifies current and former Directors and Officers for any loss arising from any claim by
reason of any specified act committed by them in their capacity as a Director or Officer (subject to certain
exclusions as required by law).
The Company has paid insurance premiums in respect of directors’ and officers’ liability. Insurance cover
relates to liabilities that may arise from their position (subject to certain exclusions as required by law).
Details of the nature of the liabilities covered or the amount of the premium paid in respect of the
Directors’ and Officers’ liability insurance are not disclosed. Such disclosure is prohibited under the terms of
the policy.
The Company has not otherwise, during or since the end of the financial year, except to the extent
permitted by law, indemnified or agreed to indemnify an officer or auditor of the Company or of any
related body corporate against a liability incurred as such by an officer or auditor.
Audit Services
During the year ended 30 June 2021, the Group expensed an amount of $20,114 (2020: $20,000) payable to
its auditor, Butler Settineri (Audit) Pty Ltd, for audit services provided.
Non-Audit Services
During the year ended 30 June 2021 Butler Settineri (Audit) Pty Ltd and its related practices, the Group’s
auditor, did not undertake other services in addition to the audit and review of financial statements.
Rounding Off
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 dated 24 March 2016. Notwithstanding the Company may round the nearest
thousand dollars, amounts in the Financial Report and Directors’ Report have been reported to the nearest
dollar, unless otherwise stated.
Lead Auditor’s Independence Declaration
The lead auditor’s independence declaration made under Section 307C of the Corporations Act 2001 (Cth)
is set out on page 61 and forms part of this Directors’ Report.
Previously Reported Information
The information in this report that references previously reported exploration results is extracted from the
Company’s ASX Announcements released on the date noted in the body of the text where that reference
appears. The ASX Announcements are available to view on the Company's website or on the ASX website
(www.asx.com.au). The Company confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcements. The Company confirms
that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcements.
Signed in accordance with a resolution of the Board of Directors.
Jeremy Read
Chair
Brisbane
22 September 2021
Godolphin Resources Limited Annual Report 30 June 2021
Page 24
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Year Ended 30 June 2021
Note
2021
$
19 June 2019 to
30 June 2020
$
Other income
D1
134,193
-
Employee expenses
Non-cash employee expense from granting of
options to
Directors
Employees
Administration expenses
Site restoration expense
Depreciation – Property, Plant and Equipment
Depreciation – Right of Use Asset
Total Expenses
Loss before interest and income tax
Financial income – interest
Less: Financial expense – interest
Less: Net Financial income - interest
Loss after interest and before income tax
Income tax benefit
Net loss attributable to members of the
parent
Other comprehensive income, net of income
tax
Total comprehensive income
Loss per share – basic
Loss per share – diluted
D2
A9
A11
A13
D3
D4
D4
697,850
325,176
-
95,496
95,496
620,806
82,978
20,928
37,235
1,555,293
1,421,100
19,317
11,003
8,314
1,412,786
-
56,911
54,302
111,213
338,680
56,000
3,888
-
834,957
834,957
33,595
-
33,595
801,362
-
1,412,786
801,362
-
1,412,786
Cents
1.82
1.82
-
801,362
Cents
2.15
2.15
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying Notes.
Godolphin Resources Limited Annual Report 30 June 2021
Page 25
Consolidated Statement of Financial Position
As at 30 June 2021
Current assets
Cash and cash equivalents
Prepayments and other receivables
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use Assets
Exploration and evaluation costs
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Lease Liability
Employee benefits
Total current liabilities
Non-current liabilities
Lease Liability
Provision
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserve
Accumulated losses
Equity
Note
30 June 2021
$
30 June 2020
$
A10
A7
A11
A13
A12
A8
A13
A9
A13
A9
A5
A5
4,729,025
117,933
4,846,958
429,323
345,753
10,663,740
11,438,816
16,285,774
197,812
56,495
-
254,307
290,666
138,978
429,644
683,951
15,601,823
4,861,593
82,881
4,944,474
422,921
-
8,227,967
8,650,888
13,595,362
173,100
-
40,295
213,395
-
56,000
56,000
269,395
13,325,967
16,132,958
1,683,013
(2,214,148)
15,601,823
12,816,766
1,310,563
(801,362)
13,325,967
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying Notes.
Godolphin Resources Limited Annual Report 30 June 2021
Page 26
Consolidated Statement of Changes in Equity
Year Ended 30 June 2021
Note
Ordinary
fully paid
shares
$
100
6,000,000
7,480,500
110,910
(774,744)
-
Share option
reserve
$
Accumulated
losses
$
Total Equity
$
-
-
-
-
-
-
-
-
-
-
-
100
6,000,000
7,480,500
110,910
(774,744)
(801,362)
(801,362)
-
12,816,766
1,310,563
1,310,563
-
(801,362)
1,310,563
13,325,967
A5
12,816,766
3,814,009
(497,817)
1,310,563
-
-
(801,362)
-
-
13,325,967
3,814,009
(497,817)
-
-
(1,412,786)
(1,412,786)
-
16,132,958
372,450
1,683,013
-
(2,214,148)
372,450
15,601,823
A5
Balance at 19 June 2019
Pro-rata Issue of shares to Ardea
shareholders (4 December 2019)
Issue of shares for IPO (5
December 2019)
Issue of shares for repayment of
debt by Ardea (3 April 2020)
Capital raising costs
Total comprehensive income for
the period
Equity settled share-based
payments for the period
Balance at 30 June 2020
Balance at 1 July 2020
Issue of shares
Capital raising costs
Total comprehensive income for
the year
Equity settled share-based
payments for the year
Balance at 30 June 2021
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying Notes.
Godolphin Resources Limited Annual Report 30 June 2021
Page 27
Consolidated Statement of Cash Flows
Year Ended 30 June 2021
Cash flows used in operating activities
Receipts from customers
Australian Government Cashflow Boost
Exclusivity Fee
Other income
Payments to suppliers and employees
Interest received
Net cash used in operating activities
Cash flows used in investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation costs
Net cash used in investing activities
Cash flows from financing activities
Proceeds from capital raisings
Payments for capital raising costs
Repayment of loan for capital raising costs
Receipt from other loan
Repayment of other loan
Net cash generated from financing activities
Net (decrease) / increase in cash and cash equivalents
Opening Cash and cash equivalents
Closing Cash and cash equivalents at 30 June
Note
2021 19 June 2019 to
30 June 2020
$
$
-
100,000
30,000
4,193
(1,396,725)
28,713
(1,233,819)
(27,330)
(2,464,565)
(2,491,895)
3,814,009
(220,863)
-
-
-
3,593,146
(132,568)
4,861,593
4,729,025
A6
A10
-
-
-
-
(476,543)
18,318
(458,225)
(50,324)
(962,663)
(1,012,987)
7,480,500
(212,633)
(935,062)
200,000
(200,000)
6,332,805
4,861,593
-
4,861,593
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
Notes.
Godolphin Resources Limited Annual Report 30 June 2021
Page 28
Notes to the Financial Statements
Year Ended 30 June 2021
General Information
The financial statements cover Godolphin Resources Limited as a consolidated entity consisting of
Godolphin Resources Limited and its subsidiaries. The financial statements are presented in Australian
dollars, which is Godolphin Resources Limited’s functional and presentation currency.
Godolphin Resources Limited is a public company, listed on the Australian Securities Exchange, limited by
shares, incorporated and domiciled in Australia.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 22
September 2021.
The Notes to the consolidated financial statement are set out in the following main sections:
Section A – Key Financial Information and Preparation Basis
Section B – Risk and Judgement
Section C – Key Management Personnel and Related Party Disclosures
Section D – Other Disclosures
Godolphin Resources Limited Annual Report 30 June 2021
Page 29
Notes to the Financial Statements (continued)
Section A – Key Financial Information and Preparation Basis
A. This section sets out the basis upon which the Group’s financial statements have been prepared as a
whole and explains the results and performance of the Group that the Directors consider most relevant
in the context of the operations of the entity.
Statement of Compliance
The consolidated financial statements are general purpose financial statements which have been
prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001 (Cth).
Basis of Preparation
The financial report is prepared on the historical cost basis other than share-based transactions that
are assessed at fair value.
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 dated 24 March 2016. Notwithstanding the Company may round the
nearest thousand dollars, amounts in the Financial Report and Directors’ Report have been reported
to the nearest dollar, unless otherwise stated.
The preparation of a financial report in conformity with Australian Accounting Standards requires
management to make judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstance, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates. These accounting policies have been consistently applied by
each entity in the Group.
Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the
revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
Basis of Consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The financial statements of subsidiaries are included
in the consolidated financial statements from the date on which control commences until the date
on which control ceases.
Investments in subsidiaries are carried in the Parent Entity’s financial statements at the lower of cost
and recoverable amount.
Transactions eliminated on consolidation
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-
group transactions are eliminated in preparing the consolidated financial statements.
Godolphin Resources Limited Annual Report 30 June 2021
Page 30
Notes to the Financial Statements (continued)
Unrealised gains arising from transactions with associates and jointly controlled entities are
eliminated to the extent of the Group’s interest in the entity, with adjustments made to the
“Investment in associates” and “Share of associates’ net profit” accounts.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
Gains and losses are recognised as the relevant assets are consumed or sold by the associate or
jointly controlled entities or, if not consumed or sold by the associate or jointly controlled entity,
when the Group’s interest in such entities is disposed of.
Going Concern
During the financial year ended 30 June 2021, the Company incurred an operating loss of $1,412,786.
After raising $3,814,009 in equity by a public offer and exercised loyalty options, see below, and
incurring the aforementioned costs, the Company ended the financial year with a cash balance of
$4,729,025.
Based on the above evidence of successful fund raisings and taking into account budgeted expenditure
commitments, the Board has prepared these Financial Statements on a going concern basis.
Despite the ability of the Company to historically raise funds, further funding will be required to
develop the Company’s tenements.
This financial report does not include any adjustments relating to the recoverability and classification of
recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that
may be necessary should the Group be unable to continue as a going concern.
Judgement about the future is based on information available at the date of this report. Subsequent
events may result in outcomes that are inconsistent with judgements that were reasonable at the time
they were made.
Godolphin Resources Limited Annual Report 30 June 2021
Page 31
Notes to the Financial Statements (continued)
Capital and Reserves
Share capital
Ordinary shares issued
and fully paid
Shares issued on
incorporation
Shares issued in-specie
to Ardea shareholders
Cash placement (initial
public offer)
Ardea loan repayment
Less costs relating to
share issues
Balance
Balance
Options Exercised
Options Exercised
Options Exercised
Options Exercised
Cash Placement
(Tranche 1)
Options Exercised
Options Exercised
Cash Placement
(Tranche 2)
Options Exercised
Options Exercised
Less costs relating to
share issues
Balance
Date
Number of
shares
Issue Price
per share
19 June 2019
100
$1.00
$
100
4 December 2019
30,000,000
$0.20
6,000,000
$0.20
$0.20
$0.20
$0.20
$0.20
$0.20
$0.24
$0.20
$0.20
$0.24
$0.20
$0.20
5 December 2019
3 April 2020
37,402,500
554,551
67,957,151
-
30 June 2020
67,957,151
1 July 2020
67,957,151
22 July 2020
18 August 2020
22 October 2020
3 November 2020
18,248
120,575
229,309
834,414
16 November 2020
10,370,000
24 November 2020
21 December 2020
234,057
109,207
24 December 2020
4,213,340
5-Feb-2021
8-Mar-2021
18,242
5,979
84,110,522
-
30 June 2021
84,110,522
7,480,500
110,910
13,591,510
(774,744)
12,816,766
12,816,766
3,650
24,115
45,862
166,883
2,488,800
46,812
21,841
1,011,202
3,648
1,196
16,630,775
(497,817)
16,132,958
Holders of ordinary shares are entitled to dividends as declared from time to time and are entitled to
one vote per share at general meetings of the Company.
Ordinary shares have no par value.
No dividends have been declared or paid by the Company during or since the end of the financial
year.
Subject to ASX listing rules, the Company’s Board may resolve that the whole or any portion of
profits, reserve or other account which is available for distribution, be distributed to shareholder in
the same proportions in which they would be entitled to receive it if distributed by way of dividend,
or in accordance with relevant terms of issue of any shares or securities.
Godolphin Resources Limited Annual Report 30 June 2021
Page 32
Notes to the Financial Statements (continued)
If the Company is wound up, whether voluntarily or otherwise, the liquidator may divide among all or
any of the contributories, as the liquidator thinks fit, in specie or in kind, any part of the assets of the
Company, and may vest any part of the assets of the Company in trustees for the benefit of all or any
of the contributories as the liquidator thinks fit.
In the event of winding up of the Company, ordinary shareholders rank after creditors and are
entitled to any proceeds of liquidation.
Godolphin Resources Limited Annual Report 30 June 2021
Page 33
Options
Each option provides the right for the option holder to be issued one ordinary fully paid share by the Company, upon payment of the exercise price of each option. The options do
not entitle the holder to participate in any share issue of the Company or any other body corporate.
During the financial year there were 1,570,031 shares issued on the exercise of options (2020: Nil). 3,000,000 unquoted options were granted during the year ended 30 June 2021
(2020: 49,278,461).
Details of options over ordinary shares in the Company that were granted, exercised, vested and expired during the financial year are as follows:
Year ended 30 June 2021
Exercise Price
Vesting Date
ASX Escrow
Expiry
Expiry Date
Balance at 1 July 2020
Granted
during the
year
Exercised during
the year
Balance at 30 June 2021
Unquoted
$0.25
$0.25
$0.20
$0.40
5 Dec 2019
18 Dec 2019
1 Nov 2021
16 Dec 2021
21 Jan 2022
18 Dec 2021
Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
15 Jun 2020 Not escrowed
24 Dec 2020 Not escrowed
15 Jun 2022
24 Dec 2022
Vested
Number
Unvested
Number
Number
Number
Vested
Number
Unvested
Number
17,000,000
1,000,000
-
-
-
18,000,000
29,278,461
-
47,278,461
-
-
750,000
1,000,000
250,000
2,000,000
-
-
2,000,000
-
-
-
-
-
-
-
3,000,000
3,000,000
-
-
-
-
-
-
(1,570,031)
-
(1,570,031)
17,000,000
1,000,000
-
-
-
18,000,000
27,708,430
3,000,000
48,708,430
750,000
1,000,000
250,000
2,000,000
-
-
2,000,000
Godolphin Resources Limited Annual Report 30 June 2021
Page 34
Notes to the Financial Statements (continued)
Period ended 30 June 2020
Exercise Price
Vesting Date
ASX Escrow
Expiry
Expiry Date
Balance at 19 June 2019
Granted during
the period
Exercised during
the period
Vested
Number
Unvested
Number
Number
Number
Balance at 30 June 2020
Vested
Number
Unvested
Number
Unquoted
$0.25
$0.25
5 Dec 2019
18 Dec 2019
1 Nov 2021
16 Dec 2021
21 Jan 2022
18 Dec 2021
Not escrowed
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
$0.20
15 Jun 2020 Not escrowed
15 Jun 2022
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17,000,000
1,000,000
750,000
1,000,000
250,000
20,000,000
29,278,461
49,278,461
-
-
-
-
-
-
-
-
17,000,000
1,000,000
-
-
-
18,000,000
29,278,461
47,278,461
750,000
1,000,000
250,000
2,000,000
-
2,000,000
Options expenses for the period ended 30 June 2021 totalled $95,496 (2020: $111,213).
Godolphin Resources Limited Annual Report 30 June 2021
Page 35
Share Based Payment Reserve
Balance at 19 June 2019
Cost of raising capital
Consideration for NSW
Assets
Employee expense
Capital raising fee
Related party expenses7
Equity settled share-
based payments for the
period
Balance at 30 June 2020
Balance at 1 July 2020
Options exercised during
the year ended 30 June
2021
Capital raising fee
Employee expense8
Balance at 30 June 2021
Broker Options
Initial Public Offer
Options
-
-
Number of Options Granted
Loyalty
Options-
-
23,278,461
Broker
Options
-
-
15,000,000
2,000,000
2,000,000
1,000,000
5,000,000
666,667
-
333,333
20,000,000
20,000,000
29,278,461
29,278,461
20,000,000
29,278,461
-
-
-
-
-
-
-
Total
-
23,278,461
20,000,000
2,666,667
2,000,000
1,333,333
$
-
-
1,058,250
40,663
141,100
70,550
49,278,461
49,278,461
1,310,563
1,310,563
49,278,461
1,310,563
-
-
-
20,000,000
(1,570,031)
-
- 3,000,000
-
-
27,708,430 3,000,000
(1,570,031)
3,000,000
-
50,708,430
-
276,954
95,496
1,683,013
The fair value of the Broker Options was calculated at the date of grant using the Black Scholes option
pricing model and allocated to each reporting period evenly over the period from grant date to vesting
date. The value disclosed is the portion of the fair value of the options recognised as an expense in each
reporting period.
Fair value at grant date
Share price at grant date
Exercise price per option
Expected volatility (weighted average)
Risk free interest rate (based on government bonds)
Initial Public Offer Options
Broker Options
$0.092318
$0.235
$0.400
100%
0.08%
The fair value of the Initial Public Offer options was calculated at the date of grant using the Black Scholes
option pricing model and allocated to each reporting period evenly over the period from grant date to
7 There is a vesting condition of the Company successfully listing on the Australian Securities Exchange within 12
months of the date of granting 1,000,000 incentive options, granted under the initial public offer. As the Company
successfully listed on 18 December 2019, all 1,000,000 incentive options vested on 18 December 2019.
8 There is a vesting condition of 24 months of continuous employment by the option holder (or controller of the
option holder) for 2,000,000 employee options to vest, granted under the initial public offer. At the reporting date,
no employee options have vested.
Godolphin Resources Limited Annual Report 30 June 2021
Page 36
Notes to the Financial Statements (continued)
vesting date. The value disclosed is the portion of the fair value of the options recognised as an expense in
each reporting period.
Fair value at grant date
Share price at grant date
Exercise price per option
Expected volatility (weighted average)
Risk free interest rate (based on government bonds)
Loyalty Options
Initial Public Offer Options
$0.07055
$0.20
$0.25
61%
1.50%
The Loyalty Options are free attaching options granted on 15 June 2020 based on 1 loyalty option for every
3 shares, consideration options, incentive options and employee options held on the record date (5 June
2020). The Loyalty Options have been issued to the Company’s shareholders and option holders and
therefore do not fall within the scope of Australian Accounting Standard AASB 2 Share-based Payment (as
amended). Accordingly, the Loyalty Options have a $Nil value.
The Company’s accounting policy for the treatment of equity-settled share-based payment
arrangements granted to employees
The grant-date fair value of equity-settled share-based payment arrangements granted to employees is
generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the
awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the
related service and non-market performance conditions are expected to be met, such that the amount
ultimately recognised is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions,
the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no
true-up for differences between expected and actual outcomes.
Cash Flow Reconciliation
Cash flows from operating activities
Net loss attributable to members of the parent
Adjustments for:
Depreciation and impairment – property plant and
equipment (non-cash)
Depreciation and impairment – right of use asset (non-cash)
Options expense (non-cash)
Operating expenditure paid by issuing shares to Ardea (non-
cash)
Other
Operating loss before changes in working capital and provisions
Increase in other receivables
Increase in other payables and provisions
Adjustments for:
Increase in working capital for plant and equipment
Increase in working capital for exploration costs capitalised
Net cash used in operating activities
Note
2021
$
(1,412,786)
2020
$
(801,362)
A11
A13
20,928
37,235
95,496
3,888
-
111,213
-
-
(1,259,127)
(18,693)
44,001
99,329
(287)
(587,219)
(82,881)
269,394
-
-
(9,485)
(48,034)
(1,233,819)
(458,225)
Godolphin Resources Limited Annual Report 30 June 2021
Page 37
Notes to the Financial Statements (continued)
Prepayments and Other Receivables
Other receivables are recognised initially at fair value plus any directly attributable transaction costs.
Subsequent to initial recognition they are stated at amortised cost less impairment losses (see Note
B3).
Prepayments are recognised at cost.
Current
Prepayments
GST
Security deposit over rental property
Other receivables
2021
$
41,665
52,838
17,714
5,716
2020
$
13,576
36,479
17,550
15,276
117,933
82,881
Current Liabilities Trade and Other Payables
Trade and other payables are recognised initially at fair value plus directly attributable transaction
costs. Subsequent to initial recognition, these transactions are measured at amortised cost.
Current
Trade payables
PAYG Withholding Tax
Accruals and other payables
Provisions
2021
$
30,241
110,990
56,581
197,812
2020
$
54,649
67,345
51,106
173,100
A provision is recognised in the statement of financial position when the Group has a present legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic
benefits will be required to settle the obligation. If the effect is material, provisions are determined
by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and, when appropriate, the risks specific to the liability.
Employee Entitlements
Current
Annual Leave Provision
Opening balance
(Decrease) / Increase for period
Closing balance
Site Restoration Provision
Non-Current
Opening balance
Increase for period
Closing balance
Godolphin Resources Limited Annual Report 30 June 2021
2021
$
2020
$
40,925
(40,925)
-
56,000
82,978
138,978
-
40,925
40,295
-
56,000
56,000
Page 38
Notes to the Financial Statements (continued)
The Company’s accounting policy for the treatment of employee entitlements:
(a) Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
(b) Other long-term employee benefits
The Group's net obligation in respect of long-term employee benefits is the amount of future
benefit that employees have earned in return for their service in the current and prior periods.
That benefit is discounted to determine its present value. Remeasurements are recognised in
profit or loss in the period in which they arise.
(c) Termination benefits
Termination benefits are expensed at the earlier of when the Group can no longer withdraw the
offer of those benefits and when the Group recognises costs for a restructuring. If benefits are
not expected to be settled wholly within 12 months of the reporting date, then they are
discounted.
Site Restoration
In accordance with the Group’s environmental policy and applicable legal requirements, a provision
for site restoration in respect of disturbed land is recognised when such land is disturbed. At this
time, a best estimate of the total area of disturbance and present value restoration cost over the
estimated mine is made. From this, an annual charge is derived which is reflected as an expense over
the life of the mine and as an increase in the provision.
The balance of the provision is the accumulation of the annual charges, less any remedial work done,
which is charged directly against the provision. The unwinding of the effect of discounting on the
provision is recognised as a finance cost.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three
months or less.
Bank balances
Term deposit - unsecured
Term deposit - secured
Cash and cash equivalents in the statements of cash flows
Property, Plant and Equipment
Owned assets
2021
$
608,685
4,100,000
20,340
4,729,025
2020
$
323,636
4,517,957
20,000
4,861,593
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses (see Note B3).
Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Godolphin Resources Limited Annual Report 30 June 2021
Page 39
Notes to the Financial Statements (continued)
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of
replacing part of such an item when that cost is incurred if it is probable that the future economic
benefits embodied within the item will flow to the Group and the cost of the item can be measured
reliably. All other costs are recognised in the statement of profit or loss and other comprehensive
income as an expense as incurred.
Depreciation
Depreciation is charged to the statement of profit or loss and other comprehensive income on a
straight-line or diminishing value bases over the estimated useful lives of each part of an item of
property, plant and equipment and buildings. Land is not depreciated. The estimated useful lives in
the current financial year are as follows:
▪
Plant and equipment
1 to 5 years
Property Plant and Equipment consist of:
Cost
Balance at 19 June 2019
Additions
Balance at 30 June 2020
Depreciation
Balance at 19 June 2019
Depreciation change for the period
Balance at 30 June 2020
Carrying amounts
At 19 June 2019
Freehold
Land
$
-
367,000
367,000
-
-
-
-
Plant and
equipment
$
-
59,809
59,809
-
(3,888)
(3,888)
Total
$
-
426,809
426,809
-
(3,888)
(3,888)
-
-
At 30 June 2020
367,000
55,921
422,921
2021
Cost
Balance at 1 July 2020
Additions
Balance at 30 June 2021
Depreciation
Balance at 1 July 2020
Depreciation charge for the period
Balance at 30 June 2021
Carrying amounts
Balance at 1 July 2020
Balance at 30 June 2021
367,000
-
367,000
-
-
-
59,809
27,330
87,139
(3,888)
(20,928)
(24,816)
426,809
27,330
454,139
(3,888)
(20,928)
(24,816)
367,000
367,000
55,921
422,921
62,323
429,323
Godolphin Resources Limited Annual Report 30 June 2021
Page 40
Notes to the Financial Statements (continued)
Exploration and Evaluation Costs
Exploration and evaluation costs are stated at cost less accumulated amortisation and impairment
losses (see Note B3).
Cost
Opening balance
Additions
Closing balance
Amortisation
Opening balance
Amortisation change for the period
Closing balance
Carrying amount
Opening balance
Closing balance
2021
$
2020
$
8,227,967
2,435,773
10,663,740
-
8,227,967
8,227,967
-
-
-
8,227,967
-
-
-
-
10,663,740
8,227,967
The Company’s accounting policy for the treatment of its exploration and evaluation costs is in
accordance with the following requirements.
Exploration and evaluation assets are measured at cost.
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as
exploration and evaluation assets pending determination of the technical feasibility and commercial
viability of the project. The capitalised costs are presented as intangible exploration and evaluation
assets. When a licence is relinquished or a project abandoned, the related costs are recognised in the
statement of comprehensive income.
For each area of interest, expenditures incurred in the exploration for and evaluation of mineral
resources are partially or fully capitalised and recognised as an exploration and evaluation asset if the
requirements below are satisfied.
The Company decides to recognise an exploration and evaluation asset separately for each area of
interest.
An exploration and evaluation asset is only recognised in relation to an area of interest if the
following conditions are satisfied:
(a)
(b)
the rights to tenure of the area of interest are current; and
at least one of the following conditions is also met:
(i)
the exploration and evaluation expenditures are expected to be recouped through
successful development and exploitation of the area of interest, or alternatively, by its
sale; and
(ii) exploration and evaluation activities in the area of interest have not at the end of the
reporting period reached a stage which permits a reasonable assessment of the existence
or otherwise of economically recoverable reserves, and active and significant operations
in, or in relation to, the area of interest are continuing.
Godolphin Resources Limited Annual Report 30 June 2021
Page 41
Notes to the Financial Statements (continued)
An area of interest refers to an individual geological area whereby the presence of a mineral
deposit is considered favourable or has been proved to exist. It is common for an area of interest to
contract in size progressively, as exploration and evaluation lead towards the identification of a
mineral deposit, which may prove to contain economically recoverable reserves. When this
happens during the exploration for and evaluation of mineral resources, exploration and evaluation
expenditures are still included in the cost of the exploration and evaluation asset notwithstanding
that the size of the area of interest may contract as the exploration and evaluation operations
progress. In most cases, an area of interest will comprise a single mine or deposit.
Lease
On 20 April 2020, the Company executed a deed of agreement for the Company to lease a property
at Unit 13, 11 William Street Orange, NSW, 2800 (Property) to be used by the Company for offices
and storage. As of 30 June 2020, finalisation of the lease was conditional upon the lessor
completing agreed office fit-out works.
From the lease commencement date, 9 November 2020, rent was $70,200 per annum excluding
GST indexed for the lease period (initial 3 years with an option to renew for a further 3 years). The
Company provided the lessor with a bank undertaking of $17,550, representing 3-months of rent.
As of 30 June 2021, the Company had the right to obtain economic benefits from the use of the
Property, and the right to direct how and for what purpose the Property is used.
At 30 June 2020, the Company did not have the right to obtain economic benefits from the use of
the Property, nor the right to direct how and for what purpose the Property is used. At 30 June
2020, the Company recorded the lease as a commitment, which became a lease agreement
effective 9 November 2020. Further details are included in Note A14.
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract contains the right to control the use of an identifiable asset for a period in exchange for
consideration.
Information about the lease for which the Group is a lessee is presented below.
Right-of-use-asset
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
and lease payments made at or before the commencement date less any lease incentives received.
Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the
lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the
shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Balance at 1 July 2020
Additions to right-of-use assets
Depreciation charge for the year
Balance at 30 June 2021
Building
$
-
382,988
(37,235)
345,753
Godolphin Resources Limited Annual Report 30 June 2021
Page 42
Notes to the Financial Statements (continued)
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value of lease payments to be made over the lease term. The lease payment includes fixed
payments (including in-substance fixed payments) less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and amounts expected to be paid under residual value
guarantees.
In calculating the present value of the lease payments, the Group uses the incremental borrowing
rate of 4.48% per annum at the lease commencement date as the interest rate implicit in the lease is
not readily determinable. After the commencement date, the amount of lease liabilities is increased
to reflect the accretion of interest and reduced for the lease payments made.
Maturity analysis- contractual cash flows
Within one year
One year or later and not later than five years
Later than five years
Total lease liabilities
Lease liabilities included in the statement of financial position
Current
Non-current
Amounts recognised in profit or loss
Depreciation on right of use asset
Interest on lease liabilities
Amounts recognised in the statement of cash flows
Lease payments
Commitments
Exploration expenditure commitments
2021
$
56,495
265,445
25,221
347,161
56,495
290,666
347,161
2021
$
37,235
10,973
48,208
2020
$
-
-
-
-
-
-
-
19 June 2019 to
30 June 2020
$
-
-
40,950
-
In order to maintain current rights of tenure to exploration tenements, the Group is required to
perform minimum exploration work to meet the minimum expenditure requirements specified by
the New South Wales Government. These obligations are subject to renegotiation when application
for a mining lease is made and at other times.
Agreement for Lease
At 30 June 2020, the Company had made an agreement for lease of the Property but did not then
have the right to obtain economic benefits from the use of the Property, nor the right to direct how
and for what purpose the Property is used.
At 30 June 2020, the Company recorded the agreement for lease as a commitment. Effective 9
November 2020, the agreement for lease converted to a lease of the Property.
Godolphin Resources Limited Annual Report 30 June 2021
Page 43
Notes to the Financial Statements (continued)
At 30 June 2021, the Company had the right to obtain economic benefits from the use of the
Property, and the right to direct how and for what purpose the Property is used. These lease
obligations are payable as at 30 June 2021. Further details of the lease liability reported at 30 June
2021 are included in Note A13.
As at 30 June 2021, these obligations are not provided for in the financial report and are payable as
follows:
2021
Within one year
One year or later and not later than five years
Later than five years
2020
Within one year
One year or later and not later than five years
Later than five years
Segment Reporting
Exploration
expenditure
commitments
$
858,595
1,533,810
-
2,392,405
Agreement
for Lease
$
-
-
-
-
950,000
3,035,000
245,000
4,230,000
70,200
140,400
-
210,600
Total
$
858,595
1,533,810
-
2,392,405
1,020,200
3,175,400
245,000
4,440,600
An operating segment is a component of the Group that engages in business activities whose
operating results are reviewed regularly by the Group’s Board and for which discrete financial
information is available.
The Group is involved solely in mineral exploration within its 100% controlled Australian-based
projects in the Lachlan Fold Belt (LFB) NSW and thus has a single operating segment.
Business and geographical segments
The results and financial position of the Company’s single operating segment are prepared on a basis
consistent with Australian Accounting Standards and thus no additional disclosures in relation to the
revenues, profit or loss, assets and liabilities and other material items have been made. Entity-wide
disclosures in relation to the Group’s product and services and geographical areas are detailed
below.
Products and services
The Group is involved solely in mineral exploration within its 100% controlled Australian-based
projects in the Lachlan Fold Belt (LFB) NSW and, as such, currently provides no products for sale.
Geographical areas
The Company’s exploration activities are located solely in Australia.
Contingencies
Details of contingent liabilities where the probability of future payments/receipts is not considered
remote are set out below:
On 25 July 1991, Tri Origin Exploration Limited and Mr David Timms (a geologist and unrelated party)
entered into to a finder’s fee agreement (Finder’s Fee Agreement) pursuant to which the David Timms
Estate is eligible to receive a finder’s fee in relation to a mineral property in Australia, comprising 2.56
km2, and designated as EL 1049 in New South Wales, Australia (Property).
Godolphin Resources Limited Annual Report 30 June 2021
Page 44
Notes to the Financial Statements (continued)
The mining tenement designated as EL 1049 was cancelled in a broader process of replacing a number
of licences in the area with a single new licence, EL 5583 (EL 5583). TriAusMin Pty Ltd (an entity that is
the Company’s wholly owned subsidiary), is the registered holder of EL 5583.
The area referred to as the Property in the Finder’s Fee Agreement is now located within the
boundaries of EL 5583.
On this basis, a portion of EL 5583 (being the 2.56km2 Property) is subject to a finder's fee, payable to
the David Timms Estate, following commencement of production, or sale of EL5583, capped at
A$2,000,000. The fee is payable in respect of:
(a) 1/3 proceeds from the sale of EL 5583; or
(b) 1/3 of net profits from production from the Property; or
(c) 30% of any royalties received from production from the Property.
Subsequent Events
Directors are not aware of any matter or circumstance that has arisen since the end of the financial
year that has significantly affected or may significantly affect the Group’s operations, the results of
these operations or the Group’s state of affairs in future financial years.
Godolphin Resources Limited Annual Report 30 June 2021
Page 45
Notes to the Financial Statements (continued)
Section B – Risk and Judgement
B. This section outlines the key judgements, estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year. This section also outlines the significant financial risk the Group is exposed, to which the Directors
would like to draw the attention of the readers.
Financial Risk Management
Overview
This Note presents information about the Group’s exposure to credit, liquidity and market risks, their
objectives, policies and processes for measuring and managing risk, and the management of capital.
The Group does not use any form of derivatives as it is not at a level of exposure that requires the
use of derivatives to hedge its exposure. Exposure limits are reviewed by management on a
continuous basis. The Group does not enter into or trade financial instruments, including derivative
financial instruments, for speculative purposes.
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework. Management monitors and manages the financial risks relating to the
operations of the Group through regular reviews of the risks.
Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations.
Presently, the Group is in exploration phase, therefore does not earn revenue from sales and
therefore has no accounts receivables. At the reporting date, there were no significant credit risks in
relation to trade receivables.
For the Company, credit risk arises from receivables due from subsidiaries.
Cash and cash equivalents
The Group limits its exposure to credit risk by only investing in liquid securities and only with
counterparties that have an acceptable credit rating.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The
Group’s maximum exposure to credit risk at the reporting date was:
Current
Cash and cash equivalents
Prepayments
Other receivables
Note
A10
A7
A7
Carrying
Amount
2021
$
Carrying
Amount
2020
$
4,729,025
4,861,593
41,665
76,268
117,933
13,576
69,305
82,881
4,846,958
4,944,474
Godolphin Resources Limited Annual Report 30 June 2021
Page 46
Notes to the Financial Statements (continued)
Impairment losses
None of the Group’s other receivables are past due.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the
market and by continuously monitoring forecast and actual cash flows.
The decision on how the Company will raise future capital will depend on market conditions existing
at that time.
The following are the contractual maturities of financial liabilities, including estimated interest
payments and excluding the impact of netting agreements:
Note
Carrying
amount
$
Contractual
cash flows
$
6 months
or less
$
A8
197,812
197,812
197,812
A8
173,100
173,100
173,100
30 June 2021
Trade and other payables
30 June 2020
Trade and other payables
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
and equity prices will affect the Group’s income or the value of its holdings of financial instruments.
The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return.
Currency risk
The Group is not exposed to currency risk and at the reporting date the Group holds no financial
assets or liabilities which are exposed to foreign currency risk.
Interest rate risk
The Group is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the
risk that a financial instrument’s value will fluctuate as a result of changes in the market interest
rates on interest-bearing financial instruments. The Group does not use derivatives to mitigate these
exposures.
The Group adopts a policy of ensuring that as far as possible it maintains excess cash and cash
equivalents in short terms deposit at interest rates maturing over three-month rolling periods.
Profile
At the reporting date the interest rate profile of the Group’s and the Company’s interest-bearing
financial instruments was:
Godolphin Resources Limited Annual Report 30 June 2021
Page 47
Notes to the Financial Statements (continued)
Variable rate instruments
Financial assets
Financial liabilities
Carrying amount
2021
$
Carrying amount
2020
$
4,846,958
(197,812)
4,649,146
4,944,474
(173,100)
4,771,374
Fair value sensitivity analysis for fixed rate instruments
The Group does not have, and therefore does not account for any financial assets and liabilities at
fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not
affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the end of the financial year would have increased or
decreased profit and loss by $43,195. This analysis assumes that all other variables remain constant.
Commodity Price Risk
The Group operates primarily in the exploration and evaluation phase and accordingly the Group’s
financial assets and liabilities are subject to minimal commodity price risk.
Capital and Reserves Management
The Group’s objectives when managing capital and reserves are to safeguard the Group’s ability to
continue as a going concern, so as to maintain a strong capital base sufficient to maintain future
exploration and development of its projects. In order to maintain or adjust the capital and reserve
structure, the Group may return capital to shareholders, issue new shares or sell assets to reduce
debt. The Group’s focus has been to raise sufficient funds through equity to fund exploration and
evaluation activities.
There were no changes in the Group’s approach to capital management during the period. Risk
management policies and procedures are established with regular monitoring and reporting.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital
requirements.
Financial Instruments
AASB 9 Financial Instruments includes guidance on the classification and measurement of financial
instruments, including a new expected credit loss model for calculating impairment on financial
assets, and the new general hedge accounting requirements. AASB 9 has been adopted with no
impact and no material changes in comparative information required.
Determination of Fair Values
A number of the Group’s accounting policies and disclosures require the determination of fair value,
for both financial and non-financial assets and liabilities. Fair values have been determined for
measurement and/or disclosure purposes based on the following methods. When applicable, further
information about the assumptions made in determining fair values is disclosed in the Notes specific
to that asset or liability.
Godolphin Resources Limited Annual Report 30 June 2021
Page 48
Notes to the Financial Statements (continued)
Other receivables
The fair value of other receivables is estimated as the present value of future cash flows, discounted
at the market rate of interest at the reporting date. This fair value is determined for disclosure
purposes or when acquired in a business combination.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of
future principal and interest cash flows, discounted at the market rate of interest at the reporting
date.
Share-based payment transactions
The fair value of the share options is measured using the Black Scholes model. Measurement inputs
include share price on measurement date, exercise price of the instrument, expected volatility
(based on weighted average historic volatility adjusted for changes expected due to publicly available
information), weighted average expected life of the instruments (based on historical experience and
general option holder behaviour), expected dividends, and the risk-free interest rate (based on
government bonds). Service and non-market performance conditions attached to the transactions
are not taken into account in determining fair value.
Financial Instruments
AASB 9, including the expected credit loss model for calculating impairment on financial assets, has
been adopted with no impact and no material changes in comparative information required.
Impairment
The carrying amounts of the Group’s assets other than deferred tax assets (see Note D3), are
reviewed at each reporting date to determine whether there is any indication of impairment. If any
such indication exists, the asset’s recoverable amount is estimated (see below).
For intangible assets that are not yet available for use, the recoverable amount is estimated annually,
or when facts and circumstances suggest the carrying amount may exceed its recoverable amount.
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable
amount. Impairment losses are recognised in the statement of profit or loss and other
comprehensive income unless the asset has been re-valued previously in which case the impairment
loss is recognised as a reversal to the extent of the previous revaluation with any excess recognised
through the statement of profit or loss and other comprehensive income.
Impairment losses recognised in respect of cash generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the cash generating unit (group of units) and then, to
reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of other assets is the greater of their fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash generating unit to which the asset
belongs.
Reversals of impairment
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
Godolphin Resources Limited Annual Report 30 June 2021
Page 49
Notes to the Financial Statements (continued)
Financial Instruments
Effective interest rates and repricing analysis
In respect of income-earning financial assets and interest-bearing financial liabilities, the following
table indicates their effective interest rates at the reporting date and the periods in which they
reprice.
Effective
interest rate
%
6 months
or less
$
6-12
months
$
Total
$
1-2
years
$
2-5
years
$
More
than 5
years
$
2021
Cash and cash
equivalents
2020
Cash and cash
equivalents
Fair values
0.45
4,729,025 4,729,025
1.14
4,861,593 4,861,593
-
-
-
-
-
-
-
-
The fair values together with the carrying amounts shown in the statement of financial position are
as follows:
Note
Carrying
amount
2021
$
Fair value
2021
$
Carrying
amount
2020
$
Fair value
2020
$
Cash and cash equivalents
Prepayments and other
receivables
Trade and other payables
A10
4,729,025
4,729,025 4,861,593
4,861,593
A7
A8
117,933
117,933
82,881
82,881
(197,812)
4,649,146
(173,100)
(197,812)
4,649,146 4,771,374
(173,100)
4,771,374
Godolphin Resources Limited Annual Report 30 June 2021
Page 50
Notes to the Financial Statements (continued)
Section C – Key Management Personnel and Related Party Disclosures
C. This section includes information about key management personnel’s remunerations, related parties
information and any transactions key management personnel or related parties may have had with the
Group during the period.
Key Management Personnel Expenses
Share-based payment transactions
The grant date fair value of equity-settled share-based payment awards granted is generally recognised
as an expense, with a corresponding increase in equity, over the vesting period of the awards. The
amount recognised as an expense is adjusted to reflect the number of awards for which the related
service and non-market performance conditions are expected to be met, such that the amount
ultimately recognised is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.
Wages, salaries, and annual leave
Liabilities for benefits such as wages and salaries represent present obligations resulting from services
provided to the reporting date, calculated at undiscounted amounts based on remuneration wage and
salary rates that the Group expects to pay as at the reporting date.
Salaries and fees
Consulting charges
Superannuation
Termination Benefit
Non-cash key management personal expense from
granting of options
Key management personnel expenses
Key Management Personnel Disclosures
Individual Directors and executive compensation disclosures
2021
$
439,700
159,470
39,873
639,043
91,667
44,082
774,792
2020
$
264,043
93,240
25,085
382,368
-
92,079
474,447
Information regarding individual Directors’ and executives’ compensation and some equity instruments
disclosures are required by Corporation Regulation 2M.3.03 and provided in the remuneration report
section of the Directors’ Report.
Apart from the details disclosed in this Note, no Director has entered into a material contract with the
Company or the Group during the financial year and there were no material contracts involving
Directors’ interests existing at period-end.
Directors’ transactions with the Company or its controlled entities
Aggregate amounts payable to Directors and their Director related entities for unpaid Directors’ fees,
statutory superannuation owed to each Director’s superannuation fund, and consulting fees at the
reporting date were as follows:
Accounts Payable - current
Directors’ fees payable
2021
$
2020
$
-
9,106
Godolphin Resources Limited Annual Report 30 June 2021
Page 51
Notes to the Financial Statements (continued)
The terms and conditions of the transactions with Directors or their Director related entities, outlined
above, were no more favourable than those available, or which might reasonably be expected to be
available, on similar transactions to non-Director-related entities on an arm’s length basis.
Related Party Disclosures
Identity of related parties
The Group has a related party relationship with its subsidiaries (see Note C4) and with its Directors and
executive officers.
Other related party transactions
The classes of non-Director related parties are:
• wholly owned subsidiaries;
• partly owned subsidiaries;
• commonly controlled subsidiaries;
• joint ventures;
• associates; and
• Directors of related parties and their personally related entities.
Related party transactions
The following related party transaction charges for Directors’ fees, consulting fees, were made with the
Group on normal terms and conditions and in the ordinary course of business:
Transaction Value
Balance Outstanding
Terms
Year ended
30 Jun 2021
$
19 June 2019
to 30 June 2020
$
30 Jun 2021
$
30 Jun 2020
$
Cash
Remuneration
Directors’ Fees
Superannuation
benefits
Consulting Fees
Non-cash
Remuneration
Options
remuneration
174,683
80,710
16,595
13,700
204,978
7,672
49,500
137,882
-
204,978
70,551
208,433
-
-
-
-
-
-
Payable
at call
9,106
-
-
9,106
-
9,106
Godolphin Resources Limited Annual Report 30 June 2021
Page 52
Notes to the Financial Statements (continued)
Consolidated Entities
Parent entity
Godolphin Resources Limited
Subsidiaries
Godolphin Tenements Pty Ltd
TriAusMin Pty Ltd
Country of
incorporation
Australia
Australia
Australia
Ownership
interest
2021
%
Ownership
interest
2020
%
-
100
100
-
100
100
In the financial statements of the Company, investments in controlled entities and associates are
measured at cost and included with other financial assets.
Godolphin Resources Limited Annual Report 30 June 2021
Page 53
Notes to the Financial Statements (continued)
Section D – Other Disclosures
D. This section includes information that the Directors do not consider to be significant in understanding
the financial performance and position of the Group but must be disclosed to comply with the
Accounting Standards, the Corporations Act 2001 (Cth) or the Corporations Regulations.
Other Income
Australian Government Cashflow Boost
Exclusivity Fee
Other income
Administration Expenses
Accounting / secretarial expense
Advertising
Advisory Retainer Fee
Audit fees
Compliance: ASX/ASIC/Share Registry fees
Consulting fees
Information technology / website expense
Insurance expense
Legal expense
Meetings
Memberships/Subscriptions
Office rent
Other expenses
Recruitment fees
Travel and accommodation expenses
Income Tax
19 June
2019 to
30 June
2020
$
-
-
-
-
99,320
-
-
20,000
13,693
47,375
22,010
32,242
3,310
-
2,450
10,260
23,678
41,104
23,238
2021
$
100,000
30,000
4,193
134,193
185,385
24,087
40,000
20,114
81,362
31,336
23,988
49,409
16,232
29,838
11,820
3,960
54,820
35,600
12,855
620,806
338,680
Income tax is recognised in the statement of profit or loss and other comprehensive income except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or
substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous
periods.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: goodwill, the initial recognition of assets and
liabilities that affect neither accounting nor taxable profit, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of
deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available against which the asset can be utilised. Deferred tax assets recorded at each reporting
date are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Godolphin Resources Limited Annual Report 30 June 2021
Page 54
Notes to the Financial Statements (continued)
Tax consolidation
The Company and its wholly owned Australian resident entities have formed a tax-consolidated group.
All members of the tax-consolidated group are taxed as a single entity from 4 December 2019. The
head entity within the tax-consolidated group is Godolphin Resources Limited.
Current tax expense/ income, deferred tax liabilities and deferred tax assets arising from temporary
differences of the members of the tax-consolidated group are recognised in the separate financial
statements of the members of the tax-consolidated group using the “stand alone taxpayer” approach
for each entity, as if it continued to be a taxable entity in its own right.
Any current liabilities (or assets) and deferred tax assets arising from unused tax losses of the
subsidiaries are assumed by the head entity in the tax consolidated group and are recognised by the
Company as amounts payable / (receivable) to / (from) other entities in the tax-consolidated group.
Any difference between these amounts is recognised by the Company as an equity contribution or
distribution.
The Company recognises deferred tax assets arising from unused tax losses of the tax-consolidated
group to the extent that it is probable that future taxable profits of the tax-consolidated group will be
available against which the asset can be utilised.
Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a result of
revised assessments of the probability of recoverability is recognised by the head entity only.
As the tax-consolidated group has no income tax payable, the head entity has not entered into a tax
funding arrangement in conjunction with other members of the tax-consolidated group which sets out
the funding obligations of members of the tax-consolidated group in respect of tax amounts.
Numerical reconciliation between tax benefit and pre-tax net loss
Loss after interest and before income tax
Prima facie Income tax benefit at a tax rate of 30%
Permanent difference options expense
Other eligible expenditure
Temporary differences
Decrease in income tax benefit due to:
Income tax losses not recognised
Income tax benefit on pre-tax net loss
Temporary differences
Deferred Tax Liability
Deferred Tax Asset
Unrecognised deferred tax assets
Revenue tax losses
2021
$
1,412,786
423,836
2020
$
801,362
240,409
(28,649)
(33,364)
76,354
46,485
706,310
232,845
(1,177,851)
(486,375)
-
-
729,341
313,663
(23,031)
(80,818)
706,310
232,845
5,947,196
1,621,248
Godolphin Resources Limited Annual Report 30 June 2021
Page 55
Notes to the Financial Statements (continued)
The tax losses do not expire under current legislation though these losses are subject to testing under
loss recoupment rules in order for them to be utilised. Deferred tax assets have not been recognised in
respect of this item because, at this time, it is not probable that future taxable profit will be available
against which the benefits can be offset.
At 30 June 2021, the Group had no franking credits available for use in subsequent reporting periods
(2020: Nil).
Loss Per Share
Basic earnings per share (EPS) is calculated by dividing the net profit or loss attributable to members of
the parent entity for the financial year, after excluding any costs of servicing equity (other than
ordinary shares and converting preference shares classified as ordinary shares for EPS calculation
purposes), by the weighted average number of ordinary shares of the Company, adjusted for any bonus
issue. Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after-tax effect of
financial costs associated with dilutive ordinary shares and the effect on revenues and expenses of
conversion to ordinary shares associated with dilutive potential ordinary shares, by the weighted
average number of ordinary and dilutive potential ordinary shares adjusted for any bonus issue.
The calculation of basic and diluted losses per share for the period ended 30 June 2021 was based on
the net loss attributable to ordinary shareholders of $1,412,786 (2020: $801,362) and a weighted
average number of ordinary shares outstanding during the period ended 30 June 2021 of 77,579,836
(2020: 37,258,162), calculated as follows:
Net loss attributable to members of the parent
Weighted average number of ordinary shares
Undiluted Number of Shares
Issued ordinary shares at beginning of period
Effect of shares issued 4 December 2019
Effect of shares issued 5 December 2019
Effect of shares issued 30 April 2020
Effect of shares issued 22 July 2020
Effect of shares issued 18 August 2020
Effect of shares issued 22 October 2020
Effect of shares issued 3 November 2020
Effect of shares issued 16 November 2020
Effect of shares issued 24 November 2020
Effect of shares issued 21 December 2020
Effect of shares issued 24 December 2020
Effect of shares issued 5 February 2021
Effect of shares issued 8 March 2021
Weighted average number of ordinary shares used in calculating
basic and diluted loss per share
2021
$
19 June
2019 to
30 June
2020
$
1,412,786
801,362
Number
67,957,151
-
-
-
17,148
104,388
157,689
546,370
6,420,877
139,793
57,147
2,170,159
7,247
1,867
Number
100
16,587,301
20,581,270
89,491
-
-
-
-
-
-
-
-
-
-
77,579,836
37,258,162
50,708,430 (2020: 49,278,461) potential shares were excluded from the calculation of diluted earnings
per share because they are antidilutive for the year ended 30 June 2021 as the Company is in a loss
position.
Godolphin Resources Limited Annual Report 30 June 2021
Page 56
Notes to the Financial Statements (continued)
Auditor’s Remuneration
Auditors of the Company Butler Settineri (Audit) Pty Ltd
Audit and review of financial reports
Non-audit accounting services
2021
$
20,114
-
20,114
2020
$
20,000
8,000
28,000
Parent Entity Disclosures
The Group has applied amendments to the Corporations Act 2001 (Cth) that remove the requirements
for the Group to lodge parent entity financial statements. Parent entity financial statements have been
replaced by the following specific parent entity disclosure.
As at, and throughout, the financial year ended 30 June 2021 the parent company of the Group was
Godolphin Resources Limited.
Results of the parent entity
Net loss attributable to members of the parent
Other comprehensive income, net of income tax
Total comprehensive income
Financial position of parent entity at period end
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Total equity of the parent entity comprising of:
Share capital
Reserve
Accumulated Losses
Total Equity
2021
$
19 June 2019
to 30 June
2020
$
1,414,815
-
1,414,815
801,362
-
801,362
30 June 2021
30 June 2020
4,844,929
11,438,816
16,283,745
254,307
429,644
683,951
4,944,474
8,650,888
13,595,362
213,395
56,000
269,395
15,599,794
13,325,967
16,132,958
1,683,013
(2,216,177)
15,599,794
12,816,766
1,310,563
(801,362)
13,325,967
Parent entity capital commitments for acquisition of property, plant & equipment
Refer to Note A14 for commitments related to the parent entity.
Contingencies
Refer to Note A16 for contingencies related to the parent entity.
Financing Income and Expenses
Interest income is recognised as it accrues taking into account the effective yield on the financial asset.
Godolphin Resources Limited Annual Report 30 June 2021
Page 57
Notes to the Financial Statements (continued)
Finance expenses comprise interest expense on borrowings. Borrowing costs that are not directly
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit
or loss using the effective interest method.
Derivatives
The financial entity does not hold any derivative financial instruments.
GST
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the taxation authority. In these
circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the
expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of
financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash
flows arising from investing and financing activities which are recoverable from, or payable to, the ATO
are classified as operating cash flows.
New Accounting Standards
A number of new standards, amendments to, or interpretations of standards are effective for annual
periods beginning 1 January 2020. These new standards and amendments have been applied in
preparing these financial statements and none of them have had a significant effect on the financial
statements of the Group. All of the effective dates in the tables below refer to the beginning of an
annual accounting period.
New currently effective requirements: This table lists the recent changes to the Standards that are
required to be adopted in annual periods beginning on 1 January 2020 and annual periods beginning on
1 July 2020.
Effective date
New standards or amendments
1 January
2020
Amendments to References to Conceptual Framework in IFAS Standards
Definition of Material (Amendments to IAS 1 and IAS 8
Definition of a Business (Amendments to IFAS 3
Interest Rate Benchmark Reform (Amendments to IFAS 9, IAS 39 and IFAS 7)
Disclosure of the Effect of New IFAS Standards Not Yet Issued in Australia
(Amendments to AASB 1054)
Godolphin Resources Limited Annual Report 30 June 2021
Page 58
Notes to the Financial Statements (continued)
Forthcoming requirements: This table lists the recent changes to the Standards that are required to be
applied for annual periods beginning after 1 January 2021 and that are available for early adoption.
None of these changes are expected to have an impact on the future financial statements of the Group.
Effective date
New standards or amendments
1 January
2021
1 January
2022
1 January
2023
Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7,
IFRS 4 and IFRS 16)
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS
16)
Reference to the Conceptual Framework (Amendments to IFRS 3)
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (Early
application of IFRS 17 is permitted only for companies that also apply IFRS 9 Financial
Instruments)
Godolphin Resources Limited Annual Report 30 June 2021
Page 59
Directors’ Declaration
1.
In the opinion of the Directors of Godolphin Resources Limited (“the Company”):
(a)
the consolidated financial statements and notes that are set out on pages 25 to 59 and the
Remuneration Report on pages 12 to 21 in the Directors’ Report, are in accordance with the
Corporations Act 2001 (Cth), including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
performance for the financial year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
2.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
(Cth) from the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June
2021.
Signed in accordance with a resolution of the Directors.
Jeremy Read
Chair
Brisbane
22 September 2021
Godolphin Resources Limited Annual Report 30 June 2021
Page 60
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of Godolphin Resources Limited for the year ended 30
June 2021, I declare that, to the best of my knowledge and belief, there have been:
a) No contraventions of the auditor
independence requirements of
the
Corporations Act 2001 in relation to the audit; and
b) No contraventions of any applicable code of professional conduct in relation
to the audit.
This declaration is in respect of Godolphin Resources Limited and the entities it
controlled during the year.
BUTLER SETTINERI (AUDIT) PTY LTD
LUCY P GARDNER
Director
Perth
Date: 22 September 2021
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF GODOLPHIN RESOURCES LIMITED
Report on the financial report
Opinion
We have audited the financial report of Godolphin Resources Limited (“the Company”) and its
controlled entities (“the Group”), which comprises the consolidated statement of financial position as
at 30 June 2021 the consolidated statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies, and the directors’
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the
Corporations Act 2001, including:
i) giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year then ended; and
ii) complying with Australian Accounting Standards and the Corporations Regulations
2001.
Basis for opinion
We have conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those Standards are further described in the Auditor’s responsibilities for the audit of the
financial report section of our report.
We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our ethical requirements in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report for the current year.
These matters were addressed in the context of our audit of the financial report as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the key audit matter
Capitalised mineral exploration expenditure
(refer notes A12 and B3)
The Group operates as an exploration entity and
as such its primary activities entail expenditure
focussed on the exploration for and evaluation of
economically viable mineral deposits. These
activities currently relate to several projects in
the Lachlan Fold Belt in New South Wales.
All exploration and evaluation expenditure
incurred has been capitalised and recognised as
an asset in the Statement of Financial Position.
The closing value of this asset is $10,663,740 as
at 30 June 2021.
The carrying value of capitalised exploration
assets is subjective and is based on the Group’s
intention and ability to continue to explore the
asset. The carrying value may also be affected
by the results of ongoing exploration activity
indicating
reserves and
the mineral
resources may not be commercially viable for
extraction. This creates a risk that the asset
value included within the financial statements
may not be recoverable.
that
Other information
Our audit procedures included:
• ensuring the Group’s continued right to explore
in the relevant exploration areas including
assessing documentation such as exploration
and mining licences;
• enquiring of management and the directors as
to the Group’s intentions and strategies for
reviewing
future exploration activity and
budgets and cash flow forecasts;
• assessing the results of recent exploration
activity to determine whether there are any
indicators suggesting a potential impairment of
the carrying value of the asset;
• assessing the Group’s ability to finance the
planned exploration and evaluation activity; and
• assessing the adequacy of the disclosures
made by the Group in the financial report.
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2021, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the financial report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with the Australian Accounting Standards and the Corporations Act
2001 and for such internal control as the directors determine is necessary to enable the preparation of
the financial report that gives a true and fair view and is free from material misstatement, whether due
to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Company or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of the financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in
a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report for the current year and are therefore key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh public interest benefits of such communication.
Report on the remuneration report
Opinion
We have audited the remuneration report included on pages 12 to 21 of the directors’ report for the
year ended 30 June 2021.
In our opinion the remuneration report of Godolphin Resources Limited for the year complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
remuneration report in accordance with section 300A of the Corporations Act 2001.
Our responsibility is to express an opinion on the remuneration report, based on our audit conducted
in accordance with Australian Auditing Standards.
BUTLER SETTINERI (AUDIT) PTY LTD
LUCY P GARDNER
Director
Perth
Date: 22 September 2021
Additional Shareholder Information
Shares
At a general meeting on a show of hands, each member present in person or by proxy has one vote and on a poll
each member present in person or by proxy, attorney or representative of a member has one vote for each fully paid
share held by the member.
If a member holds partly paid shares, the number of votes the member has in respect of those shares on a poll is
determined as follows:
D =
where:
A
B
(A x B) / C
is the number of those shares held by the member;
is the amount paid on each of those shares excluding any amount:
(i) paid or credited as paid in advance of a call; and
(ii) credited as paid on those shares to the extent that it exceeds the value (ascertained at the time of
issue of those shares) of the consideration received for the issue of those shares;
C
D
is the issue price of each of those shares; and
is the number of votes attached to those shares.
At 12 August 2021, issued capital was 84,110,522 ordinary fully paid shares held by 1,732 holders:
Class of shares
Quoted ordinary fully paid shares
Unquoted ordinary fully paid shares
Total
If escrowed, end of escrow period
Not applicable
18 December 2021 (ASX escrow)
Number of Shares
84,110,422
100
84,110,522
20 Largest Holders by Name of Ordinary Shares and their Share Holdings at 12 August 2021:
Rank Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
JOSCO PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
KURANA PTY LTD
HAZURN PTY LTD
MR DAVID ANTHONY JOHNSTON
CITICORP NOMINEES PTY LIMITED
MR OLIVIER DUPUY + MS JULIE DUPUY
BNP PARIBAS NOMINEES PTY LTD
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
AUSTRALIAN LAND PTY LTD
RED PUMA PTY LTD
MRS PAMELA JEAN BUCHHORN
LATSOD PTY LTD
TOPWEAL PTY LTD
SACHA TRADING COMPANY PTY LTD
MARTIN BUCKLEY
MR MATTHEW FRANCES TORI
MR ANTHONY CHARLES JOHNSTON + MRS MAUREEN MARY JOHNSTON
B & J O'SHANNASSY MANAGEMENT PTY LTD
MR ANDREW JAMES EASTON
Top 20 holders of ORDINARY SHARES (TOTAL)
Number of
Shares
4,203,189
3,764,335
2,817,789
2,437,024
2,284,427
2,004,179
1,900,000
1,423,839
1,351,339
1,333,334
1,306,000
1,136,314
1,015,151
950,000
916,081
849,923
800,000
790,371
717,317
714,441
32,715,053
% of Issued
Capital
5.00%
4.48%
3.35%
2.90%
2.72%
2.38%
2.26%
1.69%
1.61%
1.59%
1.55%
1.35%
1.21%
1.13%
1.09%
1.01%
0.95%
0.94%
0.85%
0.85%
38.91%
Godolphin Resources Limited Annual Report 30 June 2021
Page 66
Additional Shareholder Information (continued)
Distribution of Share Holders and Share Holdings at 12 August 2021
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Unmarketable Parcels at 12 August 2021
Minimum $ 500.00 parcel at $ 0.155 per
share
Substantial Shareholders at 12 August 2021
Holders
203
494
270
629
136
1732
Total Shares % Issued Share Capital
0.05%
1.76%
2.43%
24.74%
71.02%
100.00%
38,589
1,480,301
2,041,941
20,813,064
59,736,627
84,110,522
Minimum Parcel Size
Holders
Number of Shares
3,225
511
751,961
Ian Buchhorn and associates
B O'Shannassy and associates
Unquoted Options
Number of
Shares
Proportion of
Issued Shares
6,699,849
4,920,506
7.97%
5.85%
At 12 August 2021 there were 50,708,430 unquoted options with various exercise prices and expiry dates.
Exercise
Price
$0.25
$0.25
$0.20
$0.40
Total
Grant Date
Vesting Date
Expiry Date
If escrowed, end of
escrow period
Number
5 Dec 2019
5 Dec 2019
5 Dec 2019
5 Dec 2019
5 Dec 2019
5 Dec 2019
18 Dec 2019
1 Nov 2021
16 Dec 2021
21 Jan 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
5 Dec 2022
18 Dec 2021 (ASX
escrow)
Not applicable
17,000,000
1,000,000
750,000
1,000,000
250,000
15 June 2020
15 June 2020
15 June 2022
Not applicable
27,708,430
24 Dec 2020
24 Dec 2020
24 Dec 2022
Not applicable
3,000,000
50,708,430
Each option provides the right for the option holder to be issued one fully paid share by the Company, upon
payment of the exercise price of each option.
Over 20% Holders by Name of Options ($0.25 Exercise Price) and their Option Holdings at 12 August
2021:
Name
ARDEA RESOURCES LIMITED
Number of
Options
15,000,000
% of Total Options
75.00%
Over 20% Holders by Name of Options ($0.40 Exercise Price) and their Option Holdings at 12 August
2021:
Name
ZENIX NOMINEES PTY LTD
Number of Options
2,500,000
% of Total Options
83.33%
Godolphin Resources Limited Annual Report 30 June 2021
Page 67
Additional Shareholder Information (continued)
Distribution of Option Holders and Option Holdings at 12 August 2021 ($0.25 Exercise Price)
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Holders
-
-
-
2
11
13
Total Options
-
-
-
175,000
19,825,000
20,000,000
% of Total Options
-
-
-
0.87%
99.13%
100.00%
Distribution of Option Holders and Option Holdings at 12 August 2021 ($0.20 Exercise Price)
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Rounding
Totals
Holders
3,113
505
135
230
40
-
4,023
Total Options
547,154
1,300,386
1,026,447
6,940,112
17,894,331
-
27,708,430
% of Total Options
1.97%
4.69%
3.70%
25.05%
64.58%
0.01%
100.00%
Distribution of Option Holders and Option Holdings at 12 August 2021 ($0.40 Exercise Price)
Range
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Holders
-
-
-
2
2
4
Total Options
-
-
-
150,000
2,850,000
3,000,000
% of Total Options
-
-
-
5.00%
95.00%
100.00%
Godolphin Resources Limited Annual Report 30 June 2021
Page 68
Additional Shareholder Information (continued)
Mining Exploration Tenements
The Company holds the following exploration and mining licences.
Tenure
Location
EL 5583
EL 832310
EL 8556
EL 8966
EL 8901
EL 8532
EL 8538
EL 8964
EL 8963
EL 8962
EL 8890
EL 855410
EL 855510
EL 858010
ML 073910
EL 8061
EL 8586
EL 8889
EL8998 (formerly ELA5916)
EL9243 (formerly ELA6902)
Use of Funds
Lewis Ponds9
Ophir
Copper Hill East
Mt Bulga
Caledonian
Mt Aubrey
Yeoval
Yallundry
Obley West
Obley North
Cumnock
Wisemans Creek
Calarie
Calarie Central
Calarie Lachlan Mine
Gundagai South
Gundagai North
Gundagai
Gadara
Goodrich
Company’s
Interest
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Status
Live
Live (subject to Orange farm-in)
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live (subject to Orange farm-in)
Live (subject to Orange farm-in)
Live (subject to Orange farm-in)
Live (subject to Orange farm-in)
Live
Live
Live
Live
Live
Since its admission to the ASX’s official list on 16 December 2019 until 30 June 2021, the Company has used
the cash and assets in a form readily convertible to cash that it had at the time of admission in a way
consistent with its business objectives.
Securities Exchange Listing
The Company’s ordinary shares are listed on the Australian Securities Exchange. The Company’s ASX code
for quoted ordinary shares is GRL.
On-Market Buy Back
There is no on-market buy-back.
Corporate Governance Statement
The Company’s Corporate Governance statement for the financial year ended 30 June 2021 is available for
members to download and access from https://godolphinresources.com.au/governance
9 Finder’s fee to the David Timms Estate on EL5583 sale transaction or production commencement (capped at
$2,000,000) Refer Note A16 for further details.
10 EL8323, EL8554, EL8555, EL8580 & ML0739 are subject to farm in agreements between the Company & Orange
Minerals Pty Ltd (Orange) as announced on 18 December 2020. At the date of this report the Company’s interest in
the tenements remains at 100%.
Godolphin Resources Limited Annual Report 30 June 2021
Page 69